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We're sellers for now | 07 November 2023

07 November 2023, USD/JPY

We're sellers for now

On the USDJPY pair, it's evident from the chart that the price experienced a temporary rejection at the support zone of 149.32 for a significant portion of yesterday (11/6/2023). Presently, the price is undergoing a pullback to the upside, and we anticipate this upward movement to cease around 150.22. It's important to note that this does not invalidate the bearish trend. The pair remains in a bearish corrective phase, currently shaping the minor wave 'a.' You might consider initiating a short position at 150.22, targeting a profit at the support zone of 147.51-146.49.

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We're sellers for now

Bob Stan
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