💴 USDJPY: Structure suggests further downside
The upward movement from April 22 to May 12 appears to be corrective — I label it as a double zigzag. The segment from May 12 to May 27, on the other hand, is highly likely to be an impulse.
After that, the price moved into a range, the boundaries of which are gradually narrowing. This gives reason to assume the formation of a contracting triangle (cT).
If this scenario plays out, we may see:
🔸 a break of the 142.108 low
🔸 a drop toward the 139.883 zone
🔸 an overall potential decline within the 140.8–138.0 range
📎 Link to my long-term
USDJPY USDJPY USDJPY scenario: https://tradingview.sweetlogin.com/chart/USDJPY/xUV1L3ns-USDJPY-Major-turning-point-ahead/
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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.