24 July 2023, USD/JPY
USDJPY is indeed still in a corrective phase, following the ABC corrective pattern. Currently, the market is at the level of minor corrective wave "b" at 141.93. As per our analysis, we anticipate the formation of a bearish reversal pattern, potentially a double top, which could be followed by a subsequent drop. Additionally, the presence of a bear flag pattern, extending from minor wave "a" at 137.21 to minor wave "b" at 141.93, provides further confirmation of the selling bias. Considering this analysis, we will wait for the market to form the double top pattern before considering a sell trade entry. Traders should be patient and vigilant to spot the formation of the pattern and act accordingly.
Trade Recommendations:
We're short
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