We're waiting for a bearish pullback | 24 February 2023
24 February 2023, USD/JPY
USDJPY has been bullish since the beginning of this week, as we can see on the chart above, the market is in a corrective phase ( corrective 3-wave pattern). The market formed an ascending channel from 131.59 to 134.96 which is a bearish pattern. The market has already broken below the lower trendline of this channel and reversed up to 134.92. At this zone(134.92) there is a major zone and the price has been rejected at this zone. I expect the price to drop from this level (134.92) up to 131.95.
Trade Recommendations:
We're waiting for a bearish pullback
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.
