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We're waiting for a pullback towards 147.83 towards 151.10

We're waiting for a pullback towards 147.83 towards 151.10 | 16 October 2023

16 October 2023, USD/JPY

We're waiting for a pullback towards 147.83 towards 151.10

USDJPY is currently dropping towards the support zone at 147.90 correctly. This pair is still in a bullish impulsive phase with the impulsive V-wave pattern. Currently, the price is forming the corrective major outer wave "IV," with our target being 147.90. We expect the price to drop to 147.90 and then reverse to the upside. From this zone, we anticipate a price reversal to the upside. You can place a short position now with your profit target at 148.35 to 147.90. Ensure you use proper risk management.

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We're waiting for a pullback towards 147.83 towards 151.10

Bob Stan
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