I expected BOJ to buy JPY soon. Therefore, it was expected that USDJPY would make a short-term correction at the high point, but since the daily rising wave is broken, the weekly correction process, which is the upper time period, is expected to proceed. There are many possibilities for the pattern, but there are two cases.
First, USDJPY is currently in the vicinity of a 4-hour demand zone. Here, the pattern will change depending on whether the market rebounds or fails.
If the rebound fails in the 4-hour demand zone, a 4-hour bearish pattern will come out immediately, and it will come down to around the weekly demand zone. And it will be a rebounding pattern immediately.
If the rebound is successful in the 4-hour demand zone, it will rise to the daily supply zone, and a correction pattern can be made by the beginning of next week. Then there will be a daily downtrend following the daily bearish pattern, and will come down near the weekly demand zone.
In any case, after rebounding in the weekly demand zone, it will reach the daily supply zone, which can be extended with a monthly correction process if the rise fails any longer.
First, USDJPY is currently in the vicinity of a 4-hour demand zone. Here, the pattern will change depending on whether the market rebounds or fails.
If the rebound fails in the 4-hour demand zone, a 4-hour bearish pattern will come out immediately, and it will come down to around the weekly demand zone. And it will be a rebounding pattern immediately.
If the rebound is successful in the 4-hour demand zone, it will rise to the daily supply zone, and a correction pattern can be made by the beginning of next week. Then there will be a daily downtrend following the daily bearish pattern, and will come down near the weekly demand zone.
In any case, after rebounding in the weekly demand zone, it will reach the daily supply zone, which can be extended with a monthly correction process if the rise fails any longer.
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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.