Elliott waves analysis – We’re buyers

USDJPY – Down

USDJPY has been bullish since the beginning of this week. The market is currently in a corrective phase (ABC corrective pattern). As we can see on the chart above, the market formed an expanding wedge pattern, a bullish pattern at,136.52. The price is broke above a major zone /resistance zone (137.10) and retested. This has increased the probability of this pair buying. You can place a sell order now with your profit target at 139.63. Should the market break below the major zone (137.10). This setup will be invalidated.

Trade Recommendations:

We’re buyers

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