Timeframe: Daily
On the Daily chart, there is a clear impulse move followed by a correction. This setup suggests the possibility of a bearish move, which could be part of a wave C if the overall pattern represents a larger correction. Additionally, the structure includes a Shark harmonic pattern, further supporting the potential for a downward movement.
This bearish scenario could occur if the U.S. dollar weakens or the Japanese yen strengthens. These dynamics are evident in the analysis of the Dollar Index (DXY) and the Yen Index (JXY). However, the analysis would be invalidated if the price moves back to the starting point of the previous bearish impulse at 158.74.
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