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We're long for now

We're long for now | 31 January 2023

31 January 2023, USD/JPY

We're long for now

USDJPY is on a strong downtrend. The market has been moving in n form of an expanding triangle. When the market corrects in form of an expanding channel, it means that the trend is still active and there is no possible change of trend. I expect the market to push a little bit higher from where it is now which is 130.407 up to around 130.675, where there is a major zone. Price hitting this level will mark the end of the 5 major waves pattern and the beginning of the minor corrective 3 waves pattern. I expect the market to for a double top at this level before reversing to the downside.

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We're long for now

Bob Stan
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