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We're sellers for now

We're sellers for now | 14 June 2023

14 June 2023, USD/JPY

We're sellers for now

USDJPY is currently in a corrective phase, specifically the ABC corrective pattern. The market is forming the minor wave 'c', and upon completion of this wave, the corrective phase is expected to end. It is observed that the market has formed an expanding wedge, and at the current price level, there is a resistance zone. Additionally, a double-top pattern has formed, which is considered a bearish reversal pattern. Based on this analysis, you can consider placing a sell order with a take profit set at 138.12 and a stop loss at 140.34.

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We're sellers for now

Bob Stan
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