03 July 2023, USD/JPY
USDJPY has successfully concluded the impulsive phase and has transitioned into the corrective phase, following the ABC corrective pattern. The market has established an ascending channel, extending from 142.93 to 144.89, representing a bearish reversal pattern. Our anticipation is for a subsequent decline; however, before that, we expect a temporary rise toward the level of 144.57, forming a double top formation. Subsequently, we anticipate a descent toward the support level of 142.65, marking the completion of the minor Wave 'a' as per our market analysis.
Trade Recommendations:
We're short for now
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