USDJPY – Down
Wave Analysis:
USDJPY formed a descending channel from 142.137. it has already completed forming the impulsive 5 major waves, currently, the market is correcting at it is at minor corrective wave c 130.790, at this level the market has formed a double top, and this increases the probability of this market selling. I expect the market to sell from this level 130.790 to around 127.750, before the price reverses to the upside. Should the price fail to sell to the downside and instead break above the minor corrective wave of 131.513,this setup will be invalidated.
Trade Recommendation:
We’re sellers for now.
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