USDJPY | Triangle Structure Nearing Decision Point at 158.880 USD/JPYOANDA:USDJPYAlchemyMarketsUSDJPY has spent much of the year grinding higher on the back of yield differentials and the market’s expectation that the BoJ will remain patient. Even so, the broader structure continues to hint at consolidation rather than a confirmed trend shift. Technical Lens: The chart still resembles a large contracting triangle, with price working through its latter stages. The current move appears to be carving out wave d within that structure, travelling inside an ascending channel. The key focus is whether this channel can hold. A break beneath it would open the door for a potential slide into wave e, completing the pattern. The upper boundary at 158.880 remains the invalidation level for the triangular view. Scenarios: If 158.880 holds and the ascending channel gives way, the path towards a final wave e becomes more credible. If price closes above 158.880, the triangle idea weakens and the market may be signalling a broader continuation phase. Catalysts: The next BoJ communication, US inflation updates, and movements in global yields are likely to determine which scenario takes shape. Takeaway: This remains a maturing triangle with one more potential downswing—provided 158.880 stays intact and the channel fails.