09 June 2023, USD/JPY
USDJPY is indeed exhibiting a bearish sentiment, aligning with the previous analysis from June 9, 2023. The market remains in a corrective phase and is presently forming the minor wave "C". Additionally, the price has reached a support zone at 138.77, which adds significance to this level. Based on the provided information, the expectation is for the market to form a bearish continuation pattern, potentially an expanding wedge or a bearish flag, before experiencing a decline toward the target of the minor corrective wave "c" at 137.76. Considering this analysis, it would be prudent to monitor the price action closely and wait for the formation of the anticipated bearish pattern before considering any sell orders. This will help ensure confirmation and enhance the reliability of the trade setup.
Trade Recommendations:
We're short for now
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