USDJPY – Down
USDJPY has been on a downtrend for the better part of this month. From major wave I,(138.43) to major impulsive wave V,(127.41), the market moved in form of a descending channel. Price breaking above the upper trendline of descending channel signals a change of trend, and as we can see on the chart above the price broke out the upper trendline of this descending channel impulsively and retested in the form of a small descending change, this shows that this pair is buying or will be soon. I expect this pair to buy immediately after the price breaks above the upper trendline of the small descending channel up to 135.14.
Trade Recommendations:
We’re long
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