The USDJPY chart shows the prerequisites for the resumption of the downward trend.
A Wolfe Wave pattern has been discovered, which consists of six five-wave components, where the first and third ones create an ascending resistance line. The USDJPY price is in the “Sweet Zone”, which is indicated in red on the chart. Completion of the pattern results in formation of the sixth downward wave, the target of which extends the line connecting the tops of waves 1 and 4.
When it comes to USDJPY short positions now look more preferable. For aggressive trading, a trader can enter the market at the current prices. Advocates of a more conservative strategy should wait for the level to be retested.
📌 Entry: 147.507
✔️ First goal: 147.089
❌ Stop order: 147.789
