This week’s USD/JPY movement shows an upward CHoCH and BOS confirmed on the 1-hour chart, while the 4-hour chart shows an upward CHoCH that remainsundecided as Watching, after which it reversed.

Notably on October 30 at the 15-minute chart, there were repeated attempts to push through the upper-timeframe mid-term and long-term MAs, but they did not take hold, and each reversal saw the price make wide-ranging reversals with lower lows.
Multiple thick FVGs and Order Blocks formed, providing material for interpreting a shift in market momentum.

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On the daily chart, after a prior large decline and a rebound, it has been moving around near moving averages and important price zones.
In addition to Watching for the upward CHoCH, a downward structure candidate is also visible, making it difficult to conclude that an explicit uptrend has been established on the daily chart.It is hard to conclude an explicit uptrend on the daily chartgiven the environment.

Watching is a stage to monitor candidate CHoCH and BOS.
We will examine which price bands need to be broken, distinguishing them from confirmed structural changes.

In the 4-hour chart, price retraced in the early part of the week toward a Watching level for upward CHoCHapproaching, but did not reach confirmation conditions, and price reversed.
However, it did not reach confirmation, and price has since fallen.

“Even reaching Watching did not confirm”could lead to misinterpretation of the decision conditions.
What can be confirmed here isthe price level being approached but CHoCH not yet confirmedduring the progression.
We also check the relationships with upper FVGs, Order Blocks, and moving averages.

On the hourly chart, an upward CHoCH and then an upward BOS were observed in the first half of the week, forming an up-move structure at one point.
But it could not sustain above a key higher level, reversing again. Since thenthe downward BOShas appeared.

Even within the same week, on H1 there was a confirmed upward structure, while on H4 the upward CHoCH remained only Watching.
A key lesson is not to declare a higher-timeframe trend reversal based solely on the active timeframe decisionmarks.

The movements on the 15-minute chart can be seen for October 29–30.
On the 30th, the price repeatedly tried to move above the mid- and long-term MAs on the higher timeframe but failed to sustain, reversing each time and making new intraday lows.

There were periods of notable reversals, so it can be viewed as a wide-ranging range.
However,it was a pattern more of wide reversals with lower lows rather than a simple horizontal range with fixed bounds.
Even if there was a bounce toward the end of the week, we cannot conclude that a price uptrend was confirmed solely by that movement.

In the last two days on the 15-minute chart,there are multiple thick FVGs and Order Blocksdisplayed.
They provide clues for segments where large candles or rapid price moves occurred.

FVG represents price imbalance, and Order Block captures a specific price range in a different sense.
Having both does not guarantee future reversals or declines.
We also overlay previous day/week highs and lows, market highs/lows, pivots, etc., to assess distance to next key levels.

For USD/JPY from November 2–6, 2026, starting from the H4 Watching undecided status on Oct 30 and the reversals around the higher-timeframe MA on M15, we organize the conditions to check.
This is not a forecast of future price moves.

DowWave Marker (DWM)is an environment awareness indicator for discretionary trading that visualizes CHoCH, BOS, and Watching based on Dow Theory, and enables verification with higher-timeframe MAs, FVGs, Order Blocks, market highs/lows, previous day/week highs/lows, Pivot, and more.

This time, for USD/JPY,“H1 upward CHoCH/BOS confirmed → H4 Watching undecided → price upper limits cause downward BOS on H1 → big range around MA on M15”a notable characteristic of how timeframes reveal different perspectives.

On your own chart, you can verify Watching vs confirmed, the position of higher-timeframe MAs, and the distribution of FVGs and Order Blocks.

From October 26 to 30, USD/JPY showed an undecided higher-timeframe structure, with H1 shifting from an upmove to a reversal, and M15 displaying wide-ranging reversals around higher-timeframe MAs.

Do not rely on a single timeframe signal to conclude your assessment,instead, evaluate using CHoCH/BOS/Watching across multiple timeframes, MA, FVG/Order Block, and important levelsto manage market uncertainty.

Reviews for other symbols in the same week are also published:GOLD Weekly Review | YouTube: Reversal on the 4-hour mid-term MA and FVG