Elliott waves analysis – We’re sellers


USDJPY is in a corrective phase (ABC corrective pattern). The market is very bearish. Yesterday we predicted that the market would form a double top at 134.70 and then drop, and as we can see on the chart above the market formed a double top the dropped, right now the price is at a major zone (132.62), I expect the market to buy up to our minor corrective wave (B),132.62 then drop up to our minor corrective wave (C),129.92. Lastly, the market can break below this major zone (132.62) and then drop up to 129.92.

Trade Recommendations:

We’re sellers

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