USD/JPY made a nice impulsive reaction higher from our support zone as expected, after we recognized a zig-zag pattern in red wave 4). That said we now think a new impulsive structure may unfold in wave 5) towards higher levels, and that the upper corrective channel line may put even more bullish momentum in play once breakout will occur. We are looking bullish as long as 104.00 area is not breached.
USD/JPY, 1H
