yen seems to be weaking, while do cross pair analysis, many xxxjpy has reached the demand level.
Nice QM level at the DP to engulf previous low
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
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.
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.
Price forming the 4th correction wave to the top of the channel and into supply zone. Risk to reward is worth taking a trade.
Price forming 4th wave correction into supply zone, worth taking the risk.