USDJPY – Down
USDJPY is indeed following the anticipated movement outlined in our previous analysis (5/30/2023). The market is still in the process of completing the corrective phase, with the formation of the minor wave „a“. Despite the current price decline, we expect a slight upward movement towards 140.74, where a double top formation is expected. This double-top formation would increase the likelihood of a subsequent drop in price. To take advantage of this potential setup, you can consider placing a sell limit order at 140.74. This will allow you to enter a short position if the price reaches the specified level after forming the double-top pattern.
Trade Recommendations:
We’re short for now
You may check other analytical reviews on FreshForex website. Source: freshforex.com.
