Will the pair now break support and make a 5th wave lower or is the downward move a complex ABC after 5 waves up that is completed and ranging waiting to move higher again?
There is also a possible bear crown formation marked here as a H&S pattern which would push price down.
It does look like the pair is now in a downward channel.
Otherwise, we are approaching solid resistance which would present a buying opportunity.
Are we currently seeing JPY strength that is just a correction to recent weakness and response to the risk-off trade or a deeper revaluation of JPY...
There is also a possible bear crown formation marked here as a H&S pattern which would push price down.
It does look like the pair is now in a downward channel.
Otherwise, we are approaching solid resistance which would present a buying opportunity.
Are we currently seeing JPY strength that is just a correction to recent weakness and response to the risk-off trade or a deeper revaluation of JPY...