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We're short

We're short | 18 May 2023

18 May 2023, USD/JPY

We're short

USDJPY is presently in a corrective phase, following the ABC corrective pattern. Throughout the majority of yesterday (18/5/2023), this pair exhibited strong bullish behavior. The current price resides within a resistance zone at 137.67. Additionally, we can observe that the market is currently at the minor corrective wave "b" level, which coincides with the price of 137.67. By comparing the market's movement from the minor corrective wave "a" at 133.48 to its current position, it becomes apparent that an expanding wedge pattern, characterized by a rising nature, has formed. I anticipate a potential drop in this pair, with a target of at least 132.14. Lastly, it is crucial to note that if the price surpasses 133.67, this particular setup will be invalidated.

Trade Recommendation:

We're short

Bob Stan
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