USDJPY – Down
USDJPY has been experiencing a downward trend for the past few days, and the market is currently in a corrective phase following the ABC corrective pattern. Additionally, as indicated in the chart above, the market is forming a descending channel, starting from the end of the major impulsive wave „V“ at 135.13, and continuing to where the market is presently located. This is a bullish reversal pattern. We anticipate this corrective phase to end at 132.67. After the price reaches this zone, we expect it to form a bullish reversal pattern, such as a double bottom or a bullish engulfing candle, before rising to 134.82.
Trade Recommendations:
We’re short
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