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We're short

We're short | 03 February 2023

03 February 2023, USD/JPY

We're short

USDJPY is currently moving to the downside. The market formed a wedge from major wave I,131.524 to major wave V,130.562. The market broke out the lower trendline of this wedge impulsive up to 128.108, we have marked this point as our minor corrective wave a. I expect the market to reverse from 128.108 which is our minor corrective wave a up to around 129.203, we will mark this point as our minor corrective wave b. We will wait for a clear market rejection at 129.203 before placing any sell order. Should the price fail to reverse up to 129.203, the probability of it reaching 127.578 and forming a double bottom will be increased.

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We're short

Bob Stan
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