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We're buyers | 17 February 2023

17 February 2023, USD/JPY

We're buyers

USDJPY is in a corrective phase, and the market is moving in form of a corrective 3-wave pattern. This pair 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. This pair is likely to buy up to around 136.11, but first, it will drop from 134.32 to 132.82, This is because the market has formed a double at 134.32.

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We're buyers

Bob Stan
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