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Sell USDJPY towards 132.0

Sell USDJPY towards 132.0 | 24 April 2023

24 April 2023, USD/JPY

The current state of USDJPY is highly bearish. The market is in a corrective phase with an ABC corrective pattern, and the chart indicates that the outer major wave is forming a (V) major wave pattern, originating from major outer IV at 130.74. This suggests that the inner impulsive wave (V) will be formed during the corrective phase of the outer wave. Additionally, the pair has formed an ascending channel from 133.61 to 134.94, which is a bearish reversal pattern. Based on these factors, it is expected that the pair will drop to 133.06, marking the end of the corrective phase.

Trade Recommendations:

Sell USDJPY towards 132.0

Bob Stan
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