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USD/JPY. The price of USD/JPY may initiate a corrective rise.

USD/JPY. The price of USD/JPY may initiate a corrective rise. | 06 December 2023

06 December 2023, USD/JPY

USD/JPY. The price of USD/JPY may initiate a corrective rise.

The updated scenario of the current situation appears to be a completed ascending impulse. Subsequently, a decline followed, which is likely the beginning of a larger downward impulse. It is assumed that wave (i) is forming, which closely resembles a diagonal. Wave 4 of (i) is a converging horizontal triangle. If this is correct, the next wave 5 of (i) will be short, and the price will start to rise, initiating the development of corrective wave ii.
Therefore, it is recommended to wait for the completion of the initial diagonal triangle formation and then consider buying within the framework of the corrective rise in wave (ii).
Investment idea: Buy at 145.80, stop loss at 145.60, take profit at 149.50.

Bob Stan
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