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USD/JPY. The price is on hold, awaiting a decision.

USD/JPY. The price is on hold, awaiting a decision. | 27 December 2023

27 December 2023, USD/JPY

USD/JPY. The price is on hold, awaiting a decision.

The latest trading day for the considered currency pair can be deemed uneventful. The price has not yet made a decision on which direction to move. For this reason, the previously considered scenario remains relevant.
It's worth noting again that there is likely the initiation of a significant downward movement at the moment, starting from a wedge (initial diagonal triangle). Currently, wave (i) has formed, and possibly wave (ii). Thus, a decline is expected in the next wave, with confirmation being a breakthrough of the current local minimum.
However, there might be strong support at the level indicated by the black horizontal line. In this case, the price may initially increase slightly before attempting to break down.
A breakthrough of this level will signal selling.
Investment idea: Sell at 141.80, stop loss at 142.30, take profit at 137.00.

Bob Stan
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