Looking at USD/JPY it may be entering the final leg of a correction toward the 0.618 retracement level and a good low risk shorting opportunity with a stop loss above the recent high at 113.249. If correction reaches the 0.618 levels then we may see a bullish 3rd wave.
A look at some of the waves:
Subwave 4 of 3 completing at the 0.382 level and an ABCDE triangle >
Subwave 2 of 5 and subwave 4 of 5 completing at the 0.5 and 0.382 levels respectively >
Subwave 5 of 5 hitting the 0.618 extension level perfectly to complete the impulsive move >
What appears to be a nicely formed WXYXZ correction >
Some more details below:
The ABC patterns for W and X >
Y wave ABC with ending diagonal for C wave >
X wave ABC >
B of Z hitting the 0.5 retracement level of A of Z with the 1.618 extension for C of Z lined up perfectly with the 0.618 overall retracement level >
A look at some of the waves:
Subwave 4 of 3 completing at the 0.382 level and an ABCDE triangle >
Subwave 2 of 5 and subwave 4 of 5 completing at the 0.5 and 0.382 levels respectively >
Subwave 5 of 5 hitting the 0.618 extension level perfectly to complete the impulsive move >
What appears to be a nicely formed WXYXZ correction >
The ABC patterns for W and X >
Y wave ABC with ending diagonal for C wave >
X wave ABC >
B of Z hitting the 0.5 retracement level of A of Z with the 1.618 extension for C of Z lined up perfectly with the 0.618 overall retracement level >
Note
The correction prior > 
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.