USDJPY corrective structure developing
The trading range has been set in phase A of the redistribution (using Wycoff theory) with a selling climax (SC), preliminary support (PS), automatic reaction (AR), secondary test (ST) . Also notice the volume spike at the SC and at the top of the trading range and low volume test of the bottom of the range. We can now expect the corrective structure to develop. I have drawn a view of a possible triangle structure that could form with potential ABCDE points. The two oscillation frequencies indicated by the larger and smaller pitchfork is also showing good confluence in pivot areas.
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