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We're long for a short time

We're long for a short time | 13 July 2023

13 July 2023, USD/JPY

We're long for a short time

USDJPY has exhibited a bearish trend since the start of this week on 10/7/2023. The pair is currently undergoing a corrective phase, following the ABC corrective pattern. Presently, the price is situated at the level of minor wave "a" at 138.19, which coincides with a significant support zone. Our analysis suggests the possibility of a bullish reversal pattern forming, potentially a double bottom, in this zone. Anticipating this pattern, we expect a subsequent upward movement towards the target of 141.12, identified as the level for the minor corrective wave "b". We will closely monitor the price action and wait for the confirmation of the double bottom formation before considering a buy trade entry.

Trade Recommendations:

We're long for a short time

Bob Stan
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