USDJPY – Down
USDJPY has been on an uptrend since last week. The market has already formed a full motive wave which is the 5 waves structure. We are currently in a corrective phase. The market formed a descending channel from major impulsive wave (I),138.43 to major impulsive wave V,127.41. The price has already broken above the upper trendline of this channel and retested. This is a clear sign that this pair is now on an uptrend. Again the market has formed a double top at 132.85, so I expect this pair to drop up to 129.78 and then buy up to 136.23. We will mark,136.23 as our minor corrective wave c.
Trade Recommendations:
We’re long
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