USD/JPY: a correctional move is yet to be completed

Taking a look at higher-timeframe charts of USD/JPY, it can be observed that the price experienced a dramatic fall last week. As we know, after an impulsive move, a correctional one should happen. Hence, looking at the 8h timeframe graph, it can be inferred that the price has been consolidating for a while and forming a bottom before starting to push to the upside.

We are eyeing to enter long positions and aim for the 50% Fibonacci retracement level that lines up with a previous level of support that now acts as resistance.