What we see is an ascending ABC, flat correction
with an ending wedge
, which took one year to complete, and now it seems very much completed indeed. I made a few attempts to call this top earlier, but now the setup has solidified. Similar to EUR, CAD, GBP - we are supposed to have a very big and fast move in this pair as well. All corrections eventually get retraced, so the target for the downtrend is 0.62.