USDJPY: Analysis - Why Is It Going Down?

For a long time...and I mean a LONG time, this pair has just been going up and up and up! The dollar's strength was just propelling this pair skyward. And now, for awhile, many have been anticipating the start of a multi-month (maybe multi-year) correction. In my analysis, I'll make the case why it has begun. Hold on tight! My analysis may get crazy at times!

First, as you can see on the main chart, I have placed a bullish Crab pattern that is close to completion. BUT...remember, crab patterns have pretty volatile endings and very often exceed the D point and go deeeep into the PRZ.

MONTHLY OVERVIEW
Pretty much self-explanatory.
WEEKLY OVERVIEW
Again, easy to understand
DAILY CHART
Nothing earth-shaking here....Oh, waitaminiit....I'm saying here that this pair has ALREADY started on the next corrective wave? Really? Well, that's my wave count and I'm sticking to it! Yes, we're going down!

Ok, Here's where i get a little crazy. Let's zoom in on the current wave which I'm calling a wave 1 of the next corrective phase. Mind you. It's just wave 1 of probably wave A of the ABC correction or however it's gonna unfold. Yes, it is a descending wedge and yes, I know descending wedges are mostly bullish formations. And it still could be. I've labeled this wedge as Wolfe Wave and extended it's target line. I've also labeled a AB=CD reverse pattern here which happens to have confluence with the Wolfe Wave target line.

CONCLUSION:
So maybe that wasn't as crazy as you were expecting it to be! But some may think I'm crazy for already calling for the next corrective phase to have just begun! Anyway, I'm watching right now and NOT taking any position. Seeing how prices will react upon the completion of the bull Crab and if/when it hits the Wolfe wave target. It may not get there directly but may take a wild and winding ride to get there. After it does hit either the crab and/or the Wolfe wave targets, it may reverse back up and retest the highs again. If it does do that, then that reversal back up would be a wave 2 of the possible wave A correction.

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