USDJPY MTF Analysis:

The daily chart is starting to form the 5th Elliott wave. It has been held down by the 20 EMA since July, and being held down by the 20 EMA means that there is a very strong downtrend. The 200 EMA is also pointing downward.

The 149.350 line on the 4-hour chart has reacted and is falling. The 5th Elliott wave has been beautifully formed, so the fall from here is highly justified.

The 1-hour chart is in the middle of the 5th or 3rd Elliott wave. Either way, there is still hope for a decline. However, since there is a horizontal line on the 1-hour chart, there may be a temporary rebound.

The 15-minute chart is forming a right-shouldered triple top. This is the shape of the strongest selling phase in the selling phase. The Elliott is between the 3rd and 5th waves, just as we saw on the 1-hour chart. The higher and lower charts are all looking down, so it is easy to sell, but it is necessary to keep in mind that on Friday, the rise was due to closing positions to avoid carrying over to the week.

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