01 February 2023, USD/JPY
Wave Analysis
USDJPY has already completed forming the V major impulsive waves. We marked 131,104 as our major wave V. The market moved to inform of a wedge pattern from major wave I, 131.553 to major wave V,131,104. Again, there is a major zone or u can call it a resistance level at 130.431. At this level,130.431, the market has formed a double top that increases the probability of this pair selling. I expect this pair to sell from,130.169 up to around 127.561. You can place a sell order now or wait for the market to break below the lower trendline of the wedge.
Trade Recommendations:
We're short
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