USD/JPY: bullish moves are not over yet! When to buy?

Looking at the higher-timeframe picture of the pair, it can be inferred that the price is currently in the process of correcting a previously printed impulsive bearish leg. After having broken the upper boundary of the sideways-moving range, the price has pulled back to re-test the penetrated zone. We can see that the 50% Fibonacci retracement level is where the price is currently sat and forming a bottom. We are expecting for a quick dip below the current level and a touch of the 61.8% Fib level before the price launches its bullish moves and starts rising.

The 144.7 - 144.8 area of resistance aligning with the 50% Fibonacci retracement level is our initial target.