yen seems to be weaking, while do cross pair analysis, many xxxjpy has reached the demand level.
Price rebounds at the demand, expect it to go to the next supply.
In the much bigger timeframe, it is a correction being made, I foresee a last impulse way once a breakout of the channel.
We could buy at the breakout of the channel
Short pending order at QM level
Nice QM level at the DP to engulf previous low
Price fall hard from supply forming wave 1, now is in the correction in the channel, expect price to do the 3rd wave to the lower demand.
Price moving into fresh demand, & a nice QM level there. R;R about 1:8
4th correction wave into supply
Price forming 4th wave correction into supply zone, worth taking the risk.
Price forming the 4th correction wave to the top of the channel and into supply zone. Risk to reward is worth taking a trade.
A nice compression up, foresee price to read qm level to take a short trade.
In the LTF, I see a wave 5 forming in the channel, those that are more willing to take risk could see at the red box with the arrow, alternative, see at the top channel for a better risk : reward.
picking up stops at 922x with high volume.