USDJPY: Interpreting Price Action

FX:USDJPY   U.S. Dollar / Japanese Yen
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This is a late update as well, its not an actionable trade setup, but intended to be more of price action insight, and educational post on how to interpret price action over the long term to extract short term trade setups.

Details are outlined on chart.

June 6 quick Update: In my latest update for in April 13 I mentioned that the retest of 101.00 major support area could provide a long opportunity, otherwise a break below could be seriously bearish . Indeed price managed to find grounds at that support, forming a hammer candle, and bouncing back higher approaching the descending resistance for the latest consolidation in addition to 103.00 horizontal resistance. So far, the upside is favored, and a break above it clears the way to 104.10 next key resistance.

As usual, i will try to provide short term setups as I encounter them

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In process of a 5 wave pattern to 103.5
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