We're short | 21 April 2023

21 April 2023, USD/JPY

We're short

USDJPY is currently very bearish. The market is currently in a corrective phase (ABC corrective pattern) and as we can see on the chart above the outer major wave, appears to be forming a (V) major wave pattern that originates from major outer IV at 130.74. This indicates that the corrective phase of the outer wave will form the inner impulsive wave (V). Again, the pair has formed an ascending channel from 133.61 to 134.94, which is a bearish reversal pattern. I expect this pair to drop up to 133.06. Price reaching this zone will mark the end of the corrective phase.

Trade Recommendations:

We're short

Bob Stan
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