We're sellers towards 146.43 | 10 November 2023
10 November 2023, USD/JPY
USDJPY is in a bearish corrective phase, specifically an ABC corrective pattern. The price had been moving upward for the better part of yesterday, November 9, 2023. We will wait to observe if the price faces rejection at the resistance zone of 151.78. Note that should the price close above this zone, this setup will be invalidated. Our expectation is for the price to drop to the support zone of 146.64, which serves as our target for the minor wave 'a' from the resistance zone of 151.78. You can consider placing a short position at 151.78 with your profit target at 146.64.
Trade Recommendations:
We're sellers 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.
