USDJPY is currently very bearish. The price is in a corrective phase, following the ABC corrective pattern. Based on the chart above, the market is presently at the minor corrective wave “B” level of 140.05.
I anticipate that the market will form a double top pattern at this zone and subsequently decline, reaching at least our target for the minor wave “C” at 137.65. Reaching this zone will signify the completion of the corrective phase. We will wait for the market to form a double top pattern before considering entering a sell trade.
Origin: FreshForex
