USD/JPY is trading nicely higher, now at the 117.4 mark, after a triangle correction had unfolded at the 113.10 level in the previous wave 4. As such we see more gains in play, ideally towards the 161.8 Fibonacci ratio, where some resistance may be seen for wave 5 and a minimum three wave reversal lower may follow.
A break beneath the 113.11 level would be a confirmation for a top in place and more weakness to follow.
USD/JPY, 4H
