USDJPY – possible start of a bearish phase

16.06.2023

Exit from the correction in the upward direction turned out to be short-lived. As soon as the local maximum was updated, a powerful pressure from sellers came down on the price, which led to the return of dollar against the yen within the limits of the previously formed correction structure.

Probably, the zigzag formation finished this way and the price gradually passes to the next phase of development: the descending impulse. But for more confidence it needs a confirmation in the form of a good impulse decrease. In the meantime, there are chances for the buyers to try to bring the situation back under their control and try to go even higher.

In this regard, it is recommended to stay out of the market and observe the developments from the outside.

Recommendations: flat.