Elliott waves analysis – We’re looking for sell positions

USDJPY – Down

USDJPY is dropping nicely just as we predicted in our previous analysis (3/28/2023). The pair is forming the impulsive (V) wave pattern, with the market moving in a descending channel (a bullish reversal pattern) since the beginning of the major impulsive wave (I) at 133.02. It is expected that the market will continue to drop, potentially reaching a low of 127.89, which would mark the end of the impulsive (V) wave pattern. You may consider placing sell trades now with a take profit at (127.89) and a stop loss at (131.16).

Trade Recommendations:

We’re looking for sell positions

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