USDJPY started a weekly upward wave, and in the lower time period, a daily upward wave followed by a 4-hour upward wave continued.
Therefore, in order for the 4-hour uptrend to stop, it will have to break the last 4-hour correction trend line by being pushed out of the above 4-hour supply zone.
If so, we should see a 4-hour bearish pattern near the daily demand zone.
First, it is highly likely that a daily uptrend can follow in the daily demand zone.
Second, if the rebound fails in the daily demand zone and becomes a correction pattern, the weekly correction process can proceed. If so, the decline will continue until it finds support in the weekly demand zone. And, if it rebounds, a big uptrend is expected because a weekly uptrend continues.
Third, if it falls below the red resistance line at the top of the chart and cannot settle on that line again, the high becomes the starting line of the monthly correction trend for a new downtrend, and if it declines, it is easy to create a head and shoulder shape. Therefore, since it becomes a monthly correction, the decline may come out deeply until you find the monthly demand zone.
Therefore, in order for the 4-hour uptrend to stop, it will have to break the last 4-hour correction trend line by being pushed out of the above 4-hour supply zone.
If so, we should see a 4-hour bearish pattern near the daily demand zone.
First, it is highly likely that a daily uptrend can follow in the daily demand zone.
Second, if the rebound fails in the daily demand zone and becomes a correction pattern, the weekly correction process can proceed. If so, the decline will continue until it finds support in the weekly demand zone. And, if it rebounds, a big uptrend is expected because a weekly uptrend continues.
Third, if it falls below the red resistance line at the top of the chart and cannot settle on that line again, the high becomes the starting line of the monthly correction trend for a new downtrend, and if it declines, it is easy to create a head and shoulder shape. Therefore, since it becomes a monthly correction, the decline may come out deeply until you find the monthly demand zone.
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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.
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.