USDJPY is currently in a corrective phase, characterized by an ascending channel pattern that extends from the start of the major impulsive wave (I) at 139.25 to the completion of the major impulsive wave “V” at 143.87.
The formation of this ascending channel suggests a potential bearish reversal. Based on this analysis, it is expected that the market will form a reversal pattern near the level of 143.87, potentially a double-top pattern. Once this pattern is confirmed, a downward move can be anticipated, with a target set at 142.67. Traders have the option to enter a sell order now or wait for the double top pattern to form before initiating a sell trade.
Origin: FreshForex
