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We're sellers towards 127.242

We're sellers towards 127.242 | 23 January 2023

23 January 2023, USD/JPY

We're sellers towards 127.242

Wave Analysis

USDJPY is still on a downtrend. The market has already formed the major impulsive 5 waves pattern. The market is currently forming the corrective 3 waves pattern. The market has formed a double top at 130.604. Double tops normally signal the market reversal to the downside. Again the market is currently at the minor corrective wave c which is the last impulsive wave of the 3 corrective waves. I expect the price to fall from 129.439 to 127.242. Should the price break above wave b,131.522, the setup will be invalidated.

Trade Recommendations:

We're sellers towards 127.242

Bob Stan
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