The fib patterns on this chart were calculated using Weekly bar data, and overlaid over a . Weekly-based fibs get above a lot of the static of lower timeframe fibs. In this chart USDJPY went from 111 to 100 in June with hardly a pause. It then stayed in an almost perfect channel that spans the 0%, 3.82%, 50% and 61.8% retracements. A weekly close outside the red or green line indicates a trend reversal or continuation and a new set of fibs are drawn.
According to this methodology, USDJPY recently reversed trend as it closed above the 61.8 (on a ) and a new set of fibs were drawn indicating an uptrend with a -23.6% target around 113.25. If the green line holds there is potential for a to around 106.