USDJPY is in a daily downtrend, and in order for the downtrend to continue, it should propagate in a weekly bearish pattern. Therefore, we expect a weekly correction to appear sooner or later. The top of the high can be the starting line of the weekly correction trend of the downtrend, and it is expected that the downtrend will continue after the weekly correction. The target could come down to the monthly demand zone below. And, if a daily bullish pattern appears in the monthly demand zone, a monthly upward wave can proceed again, otherwise it becomes a monthly correction and can be the start of a yearly downward wave.
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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.