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USD/JPY. Impulsive decline in the third wave.

USD/JPY. Impulsive decline in the third wave. | 08 December 2023

08 December 2023, USD/JPY

In the previously suggested analysis, there was an error. The earlier assumed Wave 2 turned out to be higher than the beginning of Wave 1, which is inconsistent. Now, let's consider the corrected version. Perhaps the beginning of the decline represents a converging initial diagonal triangle. It is likely the Wave (1) in the emerging downward impulse. After a small corrective Wave (ii), a significant decline occurred, further confirming the assumption of the development of the diagonal triangle in the first wave, as powerful directional movements typically follow the development of this pattern. Currently, it is presumed that Wave (iii) is forming, and it is not yet complete. During today's trading day, the price is expected to continue moving downward. In this regard, entering into sell transactions appears to be a promising trading decision.
Investment idea: Sell at 144.05, stop loss at 144.35, take profit at 140.50.

Bob Stan
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