USDJPY has been very bearish since last week. The market is forming the major wave “V”. Currently, the market is at the major outer wave “IV”. Again, this pair has been moving in form of a descending channel which is expanding in nature from 132.29 to where the market is now.
The market is at the upper trendline of this zone, again this very zone (133.65), is a major resistance zone. I expect this pair to form a bearish reversal pattern like a double top and then drop up to 131.16. Should the market break above 133.65 that setup will be invalidated.
Origin: FreshForex
