USDJPY is consolidating into today's session, prices have formed a barrier triangle which is the most common price structure pattern formed in the wave 4 position of Elliott wave theory. All suggests corrective trading after last weeks sell off, with prices forming a 3-3-5 expanded flat correction pattern under Elliott wave theory. With that being said the most likely retracement of the wave 1 impulse is ^T1 which I denoted as target 1, followed by ^T2 with our ^S(stop) at 120.40, which at that point would null and void our analysis of the wave 1 sell off from last week being a corrective structure rather than a wave 1 impulse.
^S 120.40
^T1 119.20
^T2 119.80
^S 120.40
^T1 119.20
^T2 119.80