“Given the extent and structure of the USDJPY advance from 8813, it is possible that an A-B-C decline is complete from 9380. A move above 9217 would strongly suggest that the USDJPY is headed above 9380, which would indicate a breakout above trendline and channel resistance.” Still, until a move above 9380 or drop below 8813, conditions can be described as rangebound at best. Near term, consolidation this week may take the form of a triangle. Under this interpretation, the USDJPY would rally above 9110 in a terminal thrust before finding a top and rolling over. 9140 would be potential resistance.
