17 May 2023, USD/JPY
USDJPY is currently in a corrective phase. By referring to the chart above, it is evident that the market has been exhibiting a strong bullish trend over the past few days. Furthermore, from the beginning of the major outer wave (I) at 129.67 to the end of the major impulsive wave (V) at 137.63, a bearish reversal pattern has formed. The price is currently at minor corrective wave "b" at 136.65. I anticipate a drop in price from this zone, with a potential target of at least reaching 133.37. To act on this analysis, you can place sell orders now with a take profit set at 132.04 and a stop loss at 136.92. Remember to implement proper risk management strategies.
Trade Recommendations:
We're short
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