07 апреля 2023, USD/JPY
USDJPY is still very bearish. The market is forming the 5 major impulsive waves pattern. As we can see on the chart above the market formed an ascending channel(A bearish reversal pattern) from 129.63 to 133.65. Currently, the price is at a major zone /resistance, if we check on the lower timeframe (30-minute timeframe) we can see that the market has formed a double top at this zone. This is a confirmation that this pair is going to drop. We expect the market to drop up to the beginning of this ascending channel which is at 129.63. If you are holding any sell trade, place your take profit at 129.63.
Trade Recommendations:
We're short
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