USDJPY was predominantly bullish for the better part of yesterday, November 15, 2023; however, we view this as a minor pullback. The price is currently in a bearish corrective phase, moving impulsively to the downside. The double top at 151.71 confirms a trend reversal, suggesting that the price is likely to drop. We anticipate the price to decline, reaching at least the support zone at 146.49, serving as our target for minor wave ‘a.’ You may consider placing a short position, with your profit target set at 146.49.
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