We may be seeing a Cup & Handle pattern play out here in the JPY/USD chart, along with the completion of an Elliott wave corrective pattern. The target box is outlined using retracements of the longer-term downward wave A.
We are currently in a larger scale wave B, which is coming to an end. Although the most likely target is highlighted, wave 5 could extend beyond the trend lines up to the higher target line. The waves here have a 3/3/3/3/3 structure as opposed to a 5/3/5/3/5 structure seen in general impulse waves.
XAUUSD is currently in a correction following an impulsive move higher. The most likely bottom target is highlighted on the chart, being a Fibonacci retracement line of the impulsive move & wave A from the correction. Corrections can be messy and may be adjusted as they unfold.
Nothing is perfect, however I have managed to track down the price of gold all the way to the 50s in order to assess the long-term wave trend/count. The downward move may look small but the chart is logarithmic, meaning wave 2 would end around approximately 50% of the entire move in Gold's history. I don't know where waves 3, 4 & 5 will be just yet, the numbers...
I am expecting Gold to move higher and resist around the purple line (coincides with a Fib level) and move back down to complete a C wave. This however may expand into a complex correction of ABCDE, depending on wave C's performance. After the dust has settled, look for a 5th wave to commence (Very strong up move).
Gold has been seen to ride the 20 EMA on a monthly chart during a bull market phase. It is now finding support again on the 20 EMA after some turbulence and on a MAJOR upward trend line. The stochastic indicator shows upward momentum as well.
I am expecting the EURUSD to follow the arrows higher after riding the 10 week moving average and further testing or coming close to testing the 30 week moving average of closes. The timing of these moves will most likely differ from the arrows on the chart however, the overall move should be similar.