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Wait | 03 May 2023

03 May 2023, USD/JPY

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USDJPY is currently in a corrective phase (ABC corrective pattern). For the better part of Yesterday (3/5/2023), the market was predominantly bearish with the price forming the corrective wave a. Presently, the market is at corrective wave "a" at 136.32, and I anticipate the price to form a bearish continuation pattern, such as a double top, an expanding wedge, or an ascending channel. The pattern is likely to culminate at 136.95, which will be marked as our minor corrective wave "b". After the price reaches our minor wave "b" target at 136.95, I expect it to drop to 134.01.

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Bob Stan
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