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We're waiting for a possible long position. from along the lower trendline

We're waiting for a possible long position. from along the lower trendline | 09 October 2023

09 October 2023, USD/JPY

We're waiting for a possible long position. from along the lower trendline

USDJPY is currently dropping toward the support zone at 147.70 as expected. This pair is still in an impulsive phase following 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 down to the support zone at 147.70 and then reverse to the upside. From this zone, we anticipate a reversal to the upside. For long positions, we will wait for the price to reach the support zone at 147.70 before placing them.

Trade Recommendations:
We're waiting for a possible long position. from along the lower trendline
Bob Stan
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