Elliott waves analysis – We’re short

USDJPY – Down

USDJPY has completed the impulsive phase and is currently in a corrective phase, specifically the ABC corrective pattern. The formation of an ascending channel from 142.93 to 144.89 is seen as a bearish reversal pattern, indicating a potential downtrend in the market. Additionally, the market forming a double top at 144.89 further confirms the bearish outlook. Based on this analysis, you can consider placing a sell order with a take profit target at 142.33, which is identified as the target for the completion of the minor wave „a“.

Trade Recommendations:

We’re short

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