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We're buyers | 16 February 2023

16 February 2023, USD/JPY

We're buyers

USDJPY has completed forming a full motive wave that is the 5 waves structure, the market also formed a descending channel from major impulsive wave (I),138.43, to major impulsive wave V,127.41. A descending channel usually signals a trend reversal. so in this case, the market is likely to buy, probably up to the beginning of the major wave (I). Again, the price has already broken above the upper trendline of this channel and retested. You can open buy orders now but with proper risk management.

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We're buyers

Bob Stan
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