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We're sellers | 29 May 2023

29 May 2023, USD/JPY

We're sellers

USDJPY has indeed completed the impulsive wave V, aligning with our previous analysis on 26/5/2023. The market has displayed a bullish trend for approximately 2 to 3 weeks. However, the bullish momentum has now ceased, and the market has transitioned into a bearish corrective phase (ABC corrective pattern). Our expectation is for the price to form a double top at the level of 140.70 before undergoing a decline, reaching a minimum target of 138.15. It is important to note that if the price fails to form a double top at 140.70 and instead breaks above 141.37, this particular setup will be invalidated.

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We're sellers

Bob Stan
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