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USD/JPY. A good corrective rise is expected.

USD/JPY. A good corrective rise is expected. | 15 December 2023

15 December 2023, USD/JPY

USD/JPY. A good corrective rise is expected.

The situation with the considered pair is currently unfolding within the previously proposed wave scenario, where a decline is anticipated within the framework of an initial diagonal triangle. At the moment, the development of wave (i) is likely completed. Subsequently, a significant retracement occurred, but sellers brought the price back to the previously established local minimum, attempting to update it, but their strength was only sufficient for a minor movement.
Most likely, from the current prices, we will witness an ascent that will mark the beginning of aimless price fluctuations within a defined range. The corrective wave (ii) is expected to form in the near future.
The initial upward movement may turn out to be quite good, so it's worth considering a buy position. However, holding the position for an extended period is not recommended. At the first opportunity, it is advisable to either move the trade to break-even or consider closing it altogether.
Investment idea: Buy at 142.00, stop loss at 141.75, take profit at 144.00.

Bob Stan
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