The USD/JPY bullish price action and break above the resistance trend line (dotted red) could finally indicate a trend change from bearish to bullish.
The USD/JPY seems to have completed a wave E triangle (purple) of a wave B (red) correction at the recent low. The current uptrend could indicate the start of a larger wave C (red) if price manages to show more bullish impulsiveness that can break above 107.50.
The USD/JPY is potentially building multiple waves 1-2 if price is able to break above the resistance trend lines (red) and confirm a strong wave 3 (purple/pink). The Fibonacci levels are potential targets of the bullish breakout.
The analysis has been done with the CAMMACD.MTF template.
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