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We're sellers | 16 January 2023

16 January 2023, USD/JPY

We're sellers

Wave Analysis

USDJPY is on a short-term downtrend. the market is forming a minor corrective 3wave pattern, The market is currently at 127.453.From 142.164. the market clearly moved in form of descending channel, descending channels normally signal price reversal to the upside, probably to the beginning of that descending channel. I expect the price to push a bit lower up to 126.755 which is likely to be the end of minor corrective wave a, before correcting to the upside up to 147.307, which is minor corrective wave b. Now I recommend we wait for a clear price rejection at 126,755 before entering a buy order.

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We're sellers

Bob Stan
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