USDJPY signaling major riskoff underway

15 de nov. de 2023

#USDJPY medium term double top formation with clear 5 minute waves within a minor corrective B-wave rally peaked at 151.70, with a major double top formation suggesting some event risk is about to happen that will alter short and medium term outlook. This selling pressure is expected to completed by July 2025 as shown on vertical green line where the projected minor c-wave to complete the intermediate 4th wave. #USDJPY is telling me we are about to see a major risk-off mode to unfold in global stock market. further weighing on this pair is the bearish broadening top formation , bearish divergence on a declining ADX , weakening momentum rolling over from overbought zone will likely weigh on the pair. Immediate support 149.44/149.00 pivotal breakout for an impulsive meltdown. the most important take away from USDJPY is we are about to see major risk off scenario.