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Wait | 31 July 2023

31 July 2023, USD/JPY

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The USDJPY pair is currently displaying a strong bearish sentiment, and our expectation is for this bearish trend to persist at least until the end of this week. Presently, the market is in the process of forming the minor wave 'C', signifying that the pair is still undergoing a corrective phase. Additionally, it's worth noting that the market has formed a rising wedge pattern, and the chart indicates that it has already broken below the lower trendline of this rising wedge. This break further reinforces the bearish outlook for the pair. Considering this analysis, you may consider placing a sell order with a take profit target set at 134.45, corresponding to the completion of the minor wave 'c'.

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Bob Stan
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