USDJPY is currently in a bullish impulsive phase. From the chart above, it’s evident that the price is currently forming the major outer wave ‘IV,’ with our target set at the resistance zone of 148.21. You can place a short position below 149.32 with your target at 148.74-148.21. Lastly, please note that the price is currently at a resistance zone of 149.82. We expect the price to be rejected at this zone, and should the price break and close above it, this setup will be invalidated. Use proper risk management.
Trade Recommendations:
We’re watching for a pullback to pick a low risk buy position.
Origin: FreshForex
