We're short towards 131.60 | 05 May 2023
05 May 2023, USD/JPY
USDJPY has been bearish since the beginning of this week, and it is currently in a corrective phase (ABC corrective pattern). The market has already formed the minor wave "a" at 133.49. I anticipate that the market will rise from this minor wave "a" where it is now up to 134.50, which is our minor corrective wave "b" target. You can consider placing a buy order now with your take profit at 134.50 and stop loss at 133.20. Lastly, should the price break below 133.20, this setup will be invalidated.
Trade Recommendations:
We're short towards 131.60
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.
