Most of the JPY pairs continue its bearish momentum, and further lower time frame development will give us confirmation for another downside opportunity.
We can see price is now forming into a larger, higher time frame expanding structure. These type of correction can be more tricky and advance as they can be both continuation and reversal.
In this case, we see price hits the higher time frame double tops, but failed continue higher on the lower time frame.
Instead, we see a series of corrective price action to slowly push the price down. Latest development showed us a strong impulse phase down, clearly reverse down from the top of the HTF expanding structure as well as double top.
Now price is consolidating, best to wait for a bearish continuation correction to complete, then look for the next bearish impulse down to the lows.
Thank you
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HTF:
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price failed to break the previous lows and formed descending channel reversal and impulse up aggressively, could see further upside instead