USDJPY has been bearish for the better part of yesterday, and it’s still bearish now. The market is still in a corrective phase, specifically the ABC corrective pattern. Additionally, we can see that the market has formed a rising wedge, which is expanding in nature, making it a bearish pattern.
We expect the market to continue dropping lower, at least down to 134.45. We will enter a sell trade immediately when the market breaks below the lower trendline of this rising wedge, likely at (139.64).
Origin: FreshForex
