Protracted consolidation at almost 6 month has ended or not? Elliot wave theory give a 2 possible scenario for this consolidation: both of them is triangle. One different: where is wave (c) has ended? Current subwaves structure not clear and also have a few interpretation.
If compare this chart with my vision of chart EURUSD, I may ask that this pair do not ready to rise. (because, I am waiting a rise in EURUSD yet, therefore USDJPY must decrease).
Whatever it was I determined 2 key levels: first, 122.014 - breakthrough this level before 118.54 will indicate that triangle (wave ((iv))) ended and this pair will going at leat at 124.130 (this hight of june 2007) with attempt going up to 128-129
second, 118.320 - breakthrough this level before 112.014 will indicate that triangle continues in wave (c). It means that consolidation may prolong for weeks later weeks. But, after that this pair will going up at least 124.130 and upper.
In conclusion I want to say, that this pair not approach for trading opportunities at the moment. I prefer wait, look and be ready ;)