In the big picture, this currency pair is in a trendless phase. The previous downtrend was broken, but a new uptrend has not yet been able to develop. This means that there is no trading chance available in this trend size.
Here, a valid downtrend is already in place. The low is currently at 131.517 JPY; the correction zone goes from 132.233 JPY to 137.446 JPY. Here, two trading chances become available: on the one hand, to speculate on a direct continuation of the downward movement or on the other hand, to wait for a return in order to then place your bet on a continuation of the trend from out of the correction zone. I would wait for the latter.
Unfortunately, there is also no trading chance here either, since we have no valid trend (just like in the weekly chart). With this currency pair, I would favor the sidelines for now.
I hope you will remain favorably disposed towards me and always remember: the journey is the reward!
All the best
Head of Sales/Trading
AgenaTrader Trading Software
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