USDJPY – Down
USDJPY has already completed forming a full motive wave that is the 5 waves structure, the market also 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. Currently in a corrective phase price that has broken above a major zone/resistance level at 132.82. The market is likely to retest this level (132.82) and then buy up to 136.23. We can place a buy order now but with proper risk management.
Trade Recommendation:
We’re Long
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