USDJPY – Down
USDJPY has been very bullish for the better part of last week. The market is forming an impulsive 5 waves pattern. Currently, the price has been rejected at a major zone or resistance zone of 133.65. Additionally, the market has been moving in the form of a descending wedge pattern, which is expanding in nature and is typically considered a bullish reversal pattern. This suggests that the market is likely to remain bullish throughout this week. However, it is expected that this pair will drop to 131.16 before exhibiting any further bullish momentum. It is important to note that should the market break above 133.65, this setup will become invalid.
Trade Recommendations:
Short for now
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