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We're waiting on the sidelines

We're waiting on the sidelines | 21 July 2023

21 July 2023, USD/JPY

USDJPY remains in a corrective phase following the ABC corrective pattern, with the market currently located at the level of minor corrective wave "b" at 140.44. Our analysis indicates the potential formation of a bearish reversal pattern, possibly a double top, which could lead to a subsequent drop in price. Additionally, the presence of a bear flag pattern, extending from minor wave "a" at 137.21 to minor wave "b" at 140.44, further reinforces the selling bias. Traders should be cautious and consider placing a sell order, but it is essential to wait for confirmation of the double top formation before entering any trade. If the price breaks above 140.44 impulsively, it would invalidate this setup.

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We're waiting on the sidelines

Bob Stan
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