USDJPY two possible scenarios. Triangle or ZigZag?We are in corrective structure after a 5 wave move up on USDJPY. We seems to be in the latter stages of an end to the correction. Overall a breakout to the upside is expected. Remember this is a Daily chart, so it may be sometime before it pans out. Price zone to note is 119.50 - 119.00. Price action in thhis zone would give clues about what possible correction pattern would be completed.
Abcpattern
AUDCAD Pending Corrective Structure Looking over the AUDCAD the daily has broken through a trend line resistance. The 4 hour shows a classic 5 wave structure. It would be reasonable to expect a break at the top of this wave 5 as I see it into a corrective pattern.
On a shorter time frame I will be looking for long setups until this wave 5 trend line has broken through.
This is for my trade journal only. Use good MM and your own strategy