USDJPY has been bearish for the last few weeks. The market is currently in a corrective phase (ABC corrective pattern). Currently, the market is at a major zone /resistance zone at 130.56. This is a very strong zone. I expect the market to drop from this zone up to 129.63.
Price reaching this zone will market the end of the corrective phase, You can place a sell trade now with your profit target at 129.63. Your stop loss should be above the resistance zone which is at 131.35. Should the market break above 131.35, this setup will be invalidated.
Origin: FreshForex
