USDJPY remains in a corrective phase, and the market is currently positioned at the level of minor corrective wave “b” at 139.28. Our analysis suggests the possibility of a double top formation in this zone, followed by a potential decline towards the target of 133.99.
Additionally, the market has formed a bear flag pattern, extending from minor wave “a” at 137.21 to minor wave “b” at 139.28, providing further confirmation for a sell bias. Traders may consider placing a sell order now or alternatively wait for a break below 138.30 before entering a sell trade.
Origin: FreshForex
