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We may be headed for a long towards the upper trendline.

We may be headed for a long towards the upper trendline. | 17 January 2023

17 January 2023, USD/JPY

We may be headed for a long towards the upper trendline.

Wave Analysis

USDJPY is forming a minor corrective 3 waves pattern, the market moved in front of a descending channel from point 142.137 to point 127.254, which signals a price reversal to the upside, again this pair has completed forming the impulsive V wave pattern. Normally, the market does correct either to the upside or to the downside depending on the trend, in this case, we've been on a downtrend so the market will correct to the upside. I expect the market to push from where it is now which is 128.825 to 130.258 which will mark the end of the minor corrective wave a. If the price fails to move up as we have predicted and instead breaks below the major impulsive wave V,127.129, this setup will be invalidated.

Trade Recommendations:

We may be headed for a long towards the upper trendline.

Bob Stan
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