USDJPY – Down
USDJPY is currently in a corrective phase, following the ABC corrective pattern. The market has been trading within a range over the past few days. Presently, there is a double top formation at a resistance zone around 140.25, which suggests an increased likelihood of a downward move. However, given the ongoing ranging behavior, it is advisable to exercise caution. If you decide to enter sell orders, it is recommended to set a tight stop loss at 140.44 and take a profit at 138.42. It is important to note that once the market breaks out of the ranging zone, additional sell trades can be considered.
Trade Recommendations:
We’re short
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