USDJPY is currently very bearish, with the price at a major impulsive wave (IV) of 132.85. The market has been moving in the form of a descending wedge that is expanding from 132.99 to where the market currently stands. Within this expanding wedge, an ascending channel has formed, which is also a bearish reversal pattern.
Furthermore, the pair has formed a double top at a major resistance zone of 132.84, indicating a very bearish sentiment. You may place a sell order and set your take profit at 127.36.
Origin: FreshForex
