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We're short | 22 May 2023

22 May 2023, USD/JPY

USDJPY is currently in a corrective phase, following the ABC corrective pattern. By examining the chart, we can observe that the market is currently forming lower lows and lower highs, indicating a downtrend. Furthermore, if we consider the entire impulsive phase, we can see that the market formed an ascending channel from the beginning of the major impulse wave (I) at 133.74 to the end of the impulsive wave (V) at 138.69. This ascending channel serves as a bearish reversal pattern. Additionally, we can see from the chart that the market has already broken below the lower trendline of this channel, confirming a selling opportunity. You may now place a sell order with a take profit level set at 136.25, which we anticipate to be the end of the corrective phase.

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We're short

Bob Stan
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