Elliott waves analysis – We’re sellers below 133.50 towards 129.59


USDJPY is in a corrective wave (ABC corrective pattern), and the market reversed up to our minor corrective wave b, just as we had predicted yesterday. I expect the market to form a double top (Bearish pattern) at 134.70 and then drop up to 129.92. Or the market can form any other bearish/trend continuation pattern and then drop up 129.92. You can open sell trades now with your profit target at 129.92. Lastly, should the market break above 134.70, this setup will be invalidated as the trend will now have changed to an uptrend.

Trade Recommendations:

We’re sellers below 133.50 towards 129.59

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