This is the monthly correction scenario of USDJPY.
The market is very likely to see a large correction if it stays below the red line above the top. Conversely, if the market rises above this line and then settles above it again, an uptrend will begin. So, please take a good look around the reference point.
For now, a daily bearish pattern is likely and one more daily bearish wave is likely. The rebound should be strong again as the down position is a weekly demand zone.
There are two scenarios for the future direction.
1. If it rebounds from the weekly demand zone and rises above the red line near the upper high again, the weekly uptrend continues.
2. If the rise is limited and falls again, a daily down wave will continue, or if the rebound stays below the red line, it will propagate as a weekly down wave, and it will come down to the monthly demand zone as it becomes a bigger A-B-C pattern.
As the dollar falls and the JPY strengthens, gold and other metals will rise.
good luck.
The market is very likely to see a large correction if it stays below the red line above the top. Conversely, if the market rises above this line and then settles above it again, an uptrend will begin. So, please take a good look around the reference point.
For now, a daily bearish pattern is likely and one more daily bearish wave is likely. The rebound should be strong again as the down position is a weekly demand zone.
There are two scenarios for the future direction.
1. If it rebounds from the weekly demand zone and rises above the red line near the upper high again, the weekly uptrend continues.
2. If the rise is limited and falls again, a daily down wave will continue, or if the rebound stays below the red line, it will propagate as a weekly down wave, and it will come down to the monthly demand zone as it becomes a bigger A-B-C pattern.
As the dollar falls and the JPY strengthens, gold and other metals will rise.
good luck.
Trade active:
Since USDJPY requires monthly correction, it is expected that it will come down to the monthly demand zone in the medium to long term. Since a rebound is expected around the weekly demand zone, it seems that the first exit is necessary.
Trade active:
This is a monthly correction process!! It seems to go all the way to the monthly demand zone.
Trade closed: target reached:
Reached the first monthly demand zone and hit 1000 pips. The decline is not over yet. See the new analysis article.