USD/JPY Setting Up Potential Correction?

The USD/JPY has been trending higher as the Japanese Yen is losing ground against the U.S. Dollar.  The dollar had been holding onto 80.00 support and finally rallied from there to test 81.00.  In the meanwhile the USD/JPY has transitioned across intraday time frames to an uptrending market cycle opening up opportunities for rising wedge and channel up alerts.  The daily chart remains in a distribution — a more volatile, rangebound — market cycle.

It merits mentioning that uptrend are typically preceded by sideways markets so that before a market trends it will usually breakout and this offers an early opportunity into potential trends.  See the 240 minute USD/JPY Continuation Triangle alert.  The uptrend that is visible now began with a triangle breakout which is now trading within the resistance area of the Forecast Region between 96.06 and 96.74.

The Forecast Region could create the stall and pulback to support that would allow for wedge and channel pattern alert entries.