The USD/JPY uptrend channel reached the 110 round level and 38.2% Fibonacci level of potential wave D (light purple) and price seems to be moving away from this target. The direction of the USD/JPY however will depend on how price will respond to the channel. A bearish break below the channel could indicate the completion of wave X (pink) and the start of a bearish correction whereas a bullish break could see price move towards the 50% Fib.
The USD/JPY could see a continuation of the wave 5 (green) if price stays above the support trend lines. A break below the support zone could indicate the completion of the bullish pattern.
This material does not contain, and should not be construed as containing, investment advice or an investment recommendation or, an offer of or solicitation for any transactions in financial instruments. Please note that such trading analysis is not reliable indicator for any current or future performance as circumstances may change over time. Before making any investment decisions, you should seek advice from independent financial advisors to ensure you understand the risks.