On the daily chart of USDJPY we see price unfolding a bigger A-B-C move, up from 101.16 level, which can belong to a bigger triangle consolidation. As you can see, wave A found a high at the 111.74 level, from where a three-wave, complex set-back started developing. This setback is a wave B, and can be near completion with its w-x-y decline, therefore be aware of further upside, above the 109.84 level in days/weeks ahead. That said, we would like to see a rally in five legs of a lesser degree from current 106.03 swing low, which would be the first evidence of a completed wave B correction, and that wave C is underway.
USDJPY, dailyGet the 5 most predictable currency pairs