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We're short

We're short | 02 February 2023

02 February 2023, USD/JPY

We're short

USDJPY has been on a downtrend for the last few days. The market has formed a wedge that is from major wave I,131.553, to major wave V,130.604. Market having formed this pattern on a downtrend, we expect the trend to continue and the Price to hit 127.554. Price has broken below the lower trendline impulsively this indicates that it's a strong sell. You can place a sell order now and if you have any open sell trade I would advise you to place your take profit at 127.554. Lastly at,127.554, there is a major zone/Support level, if the price breaks below this level we will enter more sell trades but if it fails to break below it and instead forms a double bottom we will close the open sell trades.

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We're short

Bob Stan
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