Scenario for yesterday's USD/JPY price movement

USD/JPY 4-hour Chart

It looks like the momentum toward the downward direction has faded after reaching the target rate below the flag.
In terms of movement, the breakout below the pennant appears to have been a false signal, and the perspective suggests a slightly higher probability of an upside move.
＜Price Movement Forecast＞


＜Elliott Wave＞


＜Chart Patterns＞

USD/JPY 15-minute Chart

After the chart pattern completed, it reached the target rate.
Thereafter, the premise of the Elliott Wave completed, and it seems to be moving toward Waves 2–3.
＜Elliott Wave＞



＜Chart Patterns＞

Development Forecast

For now, the downward move may have paused.
If the pennant is broken to the upside and reaches that target rate, the trend could shift upward.

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By examining long-term trends and using our site's core tool,Principles of Market Operationwe output forecasts on a 15-minute chart basis.