USDJPY – Down
Wave Analysis
USDJPY having completed forming the impulsive V major waves, the market is now forming a corrective 3waves pattern, the market is at 1.31401, and at this level, the market has formed a double bottom, I expect the market to push to the upside a little bit up to around 1.32318, followed by an impulsive move to the downside which I expect to end at minor corrective wave c 1.28561. If the price breaks above minor corrective wave b 1.312998 the setup will be invalidated. To enter a sell order, wait for the market to break below the minor corrective wave a, 1.31363, then place the sell order with your take profit at 1.28561 and stop loss at 1.32235.
Trade Recommendations
Place the sell order with your take profit at 1.28561 and stop loss at 1.32235.
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