USDJPY has completed forming the impulsive “V” wave pattern, and it is currently in a corrective phase (ABC corrective pattern). Based on the chart above, the market has been dropping impulsively to the downside for the last two days.
I expect this pair to drop at least down to 134.01, which is our minor wave “a” target, before forming a bearish continuation pattern, most likely an expanding wedge. If you are currently holding a sell trade, I advise you to close it at 134.01 since the price may reverse from this zone to the upside.
Origin: FreshForex
