nikitafx

USD/JPY possible triangle Formation (Nikita FX )

FX:USDJPY   U.S. Dollar/Japanese Yen
716 0 5
USD/JPY             is now making a possible triangle Formation to the next move.
In case of simple 4-ABCDE consolidation pattern, next move is upward and its
target will be at 119.54.
On the other hand, in case of 4-B-abcde consolidation pattern, next move is
downward and its target will be at 116.76 which is my favorable one.

However it could be wave 3 declining if it is not a triangle consolidation.
In that case target of wave 3 will be Fib.161.8% projection of wave 1:115.91.

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