USDJPY has completed its impulsive phase and is now in a corrective phase, following the ABC corrective pattern. The current market price is 141.92. Based on the analysis, there is an expectation for the market to form a double-top pattern at this zone, which would confirm the end of the impulsive phase.
Following the formation of the double-top pattern, it is anticipated that the market will experience a downward movement. The projected target for the drop is at least 139.28, which is identified as the minor wave “a” level. To take advantage of this setup, it is recommended to wait for the market to form the double top pattern as confirmation. Once the pattern is formed, sell orders can be placed accordingly.
Origin: FreshForex
