12 June 2023, USD/JPY
USDJPY is currently in a corrective phase, following the ABC corrective pattern. From the chart, it is observed that the market has formed an expanding wedge pattern, which is typically considered a bearish continuation pattern. However, within this expanding channel, you mentioned the formation of a falling wedge pattern, which is actually a bullish reversal pattern. To provide accurate analysis, it is important to determine the predominant pattern. If the expanding wedge pattern is more evident and supported by other technical indicators, it suggests a bearish continuation, which aligns with your statement. In this case, the expectation would be for the market to drop towards the target of the minor wave "c" at 137.83. However, if the falling wedge pattern is more prominent and supported by other indicators, it would indicate a potential bullish reversal, contrary to the bearish continuation implied by the expanding wedge pattern.
Trade Recommendations:
We're short
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