Analyst's view of the Forex market on 06/05/2023

Hello. Below are some recommendations for trading in the Forex market on 06/5/2023


GBPUSD formed a patter n Rails, the price went down to FVG and gave a downward reaction. It looks like we should wait for the price to fall again. I would set downside targets at 50% and then a little lower around FVG 1.2171. It is possible that at the beginning of the week we go up, and maybe even update the highs of the pattern, in this case, I would look for sales within the day.


On the USDJPY pair, they went into a correction to the nearest order block and rebounded to form an Absorption pattern. It is probably worth waiting for the price to continue to rise and consider buying here. I would set buying targets around 142.22 and higher in the FVG center around 143.80. The preponderance of sellers in transaction statistics should contribute to growth.

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