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We're sellers for now. | 30 March 2023

30 March 2023, USD/JPY

We're sellers for now.

USDJPY has been bullish for the better part of yesterday (3/29/23). From the beginning of the major impulsive wave (V),136.78, the market has been moving in form of a descending wedge that is expanding in nature. We already have a two-touch confirmation on the upper trendline of this week. Currently, the market is at a major zone /Resistance zone, if we check on the lower time frame which is 30 minutes time frame we can clearly see that the market has formed a bearish hammer candlestick pattern, this shows that the price will be dropping. I expect the price to drop up to 127.36,(End of major wave (V).

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We're sellers for now.

Bob Stan
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