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We're short temporarily

We're short temporarily | 06 October 2023

06 October 2023, USD/JPY

We're short temporarily

USDJPY is currently declining towards the support zone at 147.70. This pair is still in the impulsive phase characterized by the V-wave pattern. Currently, the price is forming the corrective major outer wave "IV," with our target set at 147.70. We expect the price to drop to 147.70 and then reverse to the upside from this zone. It's important to note that taking a short position is very risky as the price approaches a support zone. For long positions, we will wait for the price to reach the support zone at 147.70 before considering entry.

Trade Recommendations:

We're short for now

Bob Stan
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