Uptrend in place but expect more sideways in short-term :
After a Minute extended wave (3), the USDJPY seems to be consolidating in the Minute fourth wave, around the Fibonacci 0.618 expansion level at 124.217. The fourth wave may develop as a triangle, flat, or complex “three” and work sideways over the coming days.
Note : Quite often, when the second wave of an impulsive sequence is a simple correction, fourth wave will stretch out into a more intricately formation to achieve a type of alternation.
The broader outlook still remains bullish now against the 123.603, through the estimated near target at 126.218, in anticipation of the Minute fifth wave rally ahead.