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.
Comment
⋅
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
Comment
⋅
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 @ 117.07
Comment
⋅
Aslo possible reversal in gold spotted @1142.6
Comment
⋅
A triangle might be in play in 3m chart with a target around 117.00. Setting stop a bit wider