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We're buyers for now | 09 August 2023

09 August 2023, USD/JPY

We're buyers for now

USDJPY continues to exhibit a bullish outlook, even as the market currently encounters a resistance zone. We will closely monitor the price movement, awaiting a potential breakout above this level. Failure to breach this resistance would lead to the invalidation of this setup. It's important to note that this pair remains within a bullish impulsive phase. As depicted in the chart above, the market is presently shaping the major outer wave 'V', with a targeted endpoint at 149.25. Our projection is for the market to sustain its upward trajectory towards 149.25, signifying the anticipated conclusion of the major outer wave 'V'. For those considering trading, a long position might be explored after a successful price breakout above 123.38, with potential profit targets spanning from 146.77 to 149.39.

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We're buyers for now

Bob Stan
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