The USD/JPY pair is currently unfolding a clean impulsive 5-wave structure to the upside. The price action has already completed Waves 1, 2, and 3, and has entered a probable Wave 4 correction.
Wave 3 appears extended and tapped into a key Fair Value Gap (FVG), which acted as resistance.
Wave 4 is likely to develop as a shallow retracement, possibly forming a bull flag or expanded flat before launching into Wave 5.
The ascending channel supports the bullish structure with both Wave 2 and Wave 4 respecting lower bounds.
Targets: 144.750 - 144.351
Stoploss: 146.268
Wave 3 appears extended and tapped into a key Fair Value Gap (FVG), which acted as resistance.
Wave 4 is likely to develop as a shallow retracement, possibly forming a bull flag or expanded flat before launching into Wave 5.
The ascending channel supports the bullish structure with both Wave 2 and Wave 4 respecting lower bounds.
Targets: 144.750 - 144.351
Stoploss: 146.268
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