We're sellers for now | 21 March 2023

21 March 2023, USD/JPY

We're sellers for now

USDJPY is dropping smoothly just as we had predicted in our previous analysis. The market is in a corrective phase (ABC corrective pattern). The market is forming lower highs and lower lows. This shows that the market is in a downtrend and probably the market is forming a new trend. The price is likely to move in form of a descending channel which is a bullish reversal pattern from (129.92) to around 129.92. If you have any open sell trade, move the stop loss to break even and place your take profit at 129.92.

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We're sellers for now

Bob Stan
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