Long USDJPY with target 119.2 then short to 114

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.

Kommentar:

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

Kommentar:

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 ist aktiv:

This might be it. Buy @117.10 stop @ 117.07

Kommentar:

Aslo possible reversal in gold spotted @1142.6

Kommentar:

A triangle might be in play in 3m chart with a target around 117.00. Setting stop a bit wider