We're buyers for now | 06 Marzo 2023
06 Marzo 2023, USD/JPY
Wave Analysis
USDJPY is in a corrective phase (ABC corrective pattern). This pair has been on an uptrend since last week. The market has formed an expanding wedge at the major zone (136.48). The market is currently dropping after the 3rd touch on the upper trendline of this expanding wedge. And since we have two touches on a lower trendline I expect the market to drop at least up to 134.69 for a third touch and then buy up to 138.96. Lastly, the market can fail to break below 135.26 and instead form a double bottom and then reverse to the upside.
Trade Recommendations:
We're buyers for now
The author's opinion reflects their personal view and is not an investment recommendation. The company is not responsible for any trading results based on the provided analytical data.
