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We're waiting for a bearish correction

We're waiting for a bearish correction | 09 November 2023

09 November 2023, USD/JPY

USDJPY is in a bearish corrective phase showing the ABC corrective pattern. Currently, the price is forming the minor wave 'a', and we anticipate a downward movement towards the support zone of 146.64 from the resistance zone of 151.78. You may consider placing a short position at 151.78 (pending order) with your profit target ranging from 147.51 to 146.64. At present, the price is moving upward. We will monitor the price reaction upon reaching the resistance zone of 151.78. Please note that should the price close above this zone, this setup will be invalidated.

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We're waiting for a bearish correction

Bob Stan
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