Although USDJPY continues to decline, an interesting reversal pattern is forming on the chart.
The current chart shows the Wolfe Wave pattern, which is a six-leg wave structure. Wave 5 is visible and the USDJPY price is in the “Sweet Zone” marked in green. Typically, the ascending sixth wave begins here, which reaches the line built along the tops of waves 1 and 4.
The chart prompts to focus on long positions in USDJPY. It advocates entering the market at the current levels or while reaching the level, at which the retest occurs.
📌 Entry: 151.551
✔️ First goal: 151.868
❌ Stop order: 151.427
