USD/JPY Complex Correction Forms Bull Flag PatternThe USD/JPY is building a bull flag chart pattern, which is indicating an uptrend continuation with a target at the round 100 level.
The USD/JPY needs to make a breakout above the resistance trend line (red) to confirm (green check) the uptrend continuation. A bullish breakout is aiming for the Fibonacci targets of wave 5 vs 1+3 and the next resistance line (red). A break below the support trend lines and 61.8% Fibonacci retracement level invalidates (red x) the wave 4 (blue) pattern.
The USD/JPY seems to be building a complex WXY (green) correction with the current retracement looking like an ABC correction (orange). The current bullish price action could face strong resistance (red) line and Fibs of wave B vs A and a bearish bounce could send the pair towards the bottom