USDJPY has maintained a strong uptrend following the weekly correction trend line. Since it broke the yearly correction trend line of the downward wave for many years, at least a motnhly correction process is required to rise again. Therefore, the pattern will be judged as a weekly or monthly correction according to the simple A-B-C structure or the complex W-X-Y structure.
A 4-hour downtrend is likely to begin in the 4-hour supply zone.
If the highs are updated, it means that the daily uptrend continues and you will have to wait until the supply zone is again 4 hours.
A 4-hour downtrend is likely to begin in the 4-hour supply zone.
If the highs are updated, it means that the daily uptrend continues and you will have to wait until the supply zone is again 4 hours.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.