nikitafx
Short

USD/JPY BOJ's Double spike (Nikita FX )

FX:USDJPY   U.S. Dollar/Japanese Yen
566 0 2
Since 109.334, BOJ's spike was launched, however an Exhaustion Gap is still in the
exact middle of the last 7 market-Days.
I would say that 116.10 could be a failed Top if it will be capped. TP 1 was already breached.
Elliott wave counting will be depend on How you would treat the Pink Gap.

Normal BOJ's spike used to be approx. 338--380 pips. This time was exactly Double size.
Why was that this time ? Because it was broken with 111.96 (Long term descending resistance line)
and reacted an overbought. Overbought condition should be corrected later. Therefore TP 5 won't
be impossible.

The abovementioned scenario needs under condition of 116.10 Capping.

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