USDJPY – Down
USDJPY has been bearish for the better part of yesterday, and it’s still bearish now. The market is still in a corrective phase, specifically the ABC corrective pattern. Additionally, we can see that the market has formed a rising wedge, which is expanding in nature, making it a bearish pattern. We expect the market to continue dropping lower, at least down to 134.45. We will enter a sell trade immediately when the market breaks below the lower trendline of this rising wedge, likely at (139.64).
Trade Recommendations:
We’re short for now
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