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We're long for now

We're long for now | 10 August 2023

10 August 2023, USD/JPY

We're long for now

USDJPY is still bullish, the market has broken above the resistance zone at 143.41 impulsively, which has increased the probability of this pair rising. It's important to note that this pair continues to exhibit a bullish impulsive phase. As observed in the chart above, the market is currently in the process of shaping the major outer wave 'V', with a target set at 149.25. Anticipating further upward movement, we expect the market to persist in its ascent toward the designated endpoint of 149.25, indicative of the completion of the major outer wave 'V'. For potential traders, it's worth considering initiation of a long position once the price definitively surpasses the level of 123.38, with a prospective target range spanning from 146.77 to 149.39."

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We're long for now

Bob Stan
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