USDJPY is starting 5th of a Vth wave in an extended cycle. From here, if 118.5 - 119.2 holds the resistance, wave 4 could retrace to 113-114 area before resuming trend higher.
Note
The structure of the last upmove from 117 suggest that Ninja is still in corrective wave 4. From here I see two options. Either it will form a triangle, which is more likely. Or it will retrace below 116.55 to form a corrective combo W-X-Y
Note
Still there is a possibility that we are in wave 5, so I will move my stop to BE @ 117.49, as it is also the invalidation level.
Trade active
This might be it. Buy @117.10 stop @ 117.07Note
Aslo possible reversal in gold spotted @1142.6Note
A triangle might be in play in 3m chart with a target around 117.00. Setting stop a bit wider
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.