08 June 2023, USD/JPY
USDJPY is currently in the process of completing the corrective phase, as it continues to form the minor wave "c". Upon analyzing the chart provided, it appears that the market has developed an expanding wedge pattern, which typically indicates a bearish continuation. Additionally, the upper trendline of the wedge has been confirmed with three touches, and on the lower timeframe (specifically the 30-minute chart), a double-top pattern has emerged. These factors further support the expectation of a downward move in this currency pair. Considering this analysis, you can consider placing sell orders at the current market price, with a take profit target set at 137.76, which aligns with our projected level for the completion of the minor wave "c".
Trade Recommendations:
We're short
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