Good afternoon traders,
 
Today we are looking at the USDJPY
There has been a 5 wave structure higher. Wave 3 is the 161% FIB extension of wave 1.
We have potentially seen an ending diagonal, meaning possibly an ABC corrective structure lower.
 
Lets see how this plays out over the coming days

5 Wave Structure - Ending Diagonal - SELL USDJPY

USDJPY Creating a bearish divergence on the RSI
Inclining wedge formation with a key trend line.
Strategy here is to wait for &nbsp;a break of the trend line, or wait for the market to reach 112.00
 
Lets see how this plays out.

BEARISH Divergence - SHORT USDJPY

USDCAD is creating a pennant formation.&nbsp;
Price action is being compressed into the triangle.
 
We are waiting on the US Congress to announce their 2.5 trillion USD stimulus package.&nbsp;
Once the bill gets passed we will see a weaker USD initially, therefore we might see a break to the downside on the USDCAD.
 
Lets see how this plays out....

Forex Kings

Forex Kings

Dec 01 2020

5 Wave Structure - Ending Diagonal - SELL USDJPY

Forex Kings

Dec 01 2020

BEARISH Divergence - SHORT USDJPY

Forex Kings

Dec 01 2020

USDCAD - PENNANT Formation

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