We're long | 23 May 2023

USDJPY is currently exhibiting strong bullish momentum. The market is in the process of forming the impulsive wave pattern, specifically the V wave. Upon observing the chart provided, we can see that within the outer major wave, starting from the outer major wave (IV) at 133.73, the market is forming the impulsive wave pattern for both the inner major wave "V" and the outer major wave "V". Our target for this upward movement is set at 140.80. To confirm a buy opportunity, we will wait for the price to break above 138.75 before entering buy trades. It's important to note that if the price fails to break above 138.75, this setup will no longer be valid.

Trade Recommendations:

We're long