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USD/JPY. The formation of a correction in the form of a zigzag continues.

USD/JPY. The formation of a correction in the form of a zigzag continues. | 09 January 2024

09 January 2024, USD/JPY

The situation with the considered currency pair continues to unfold within the framework of the envisaged wave scenario. After a fairly confident rise, resembling an impulse, the price encountered resistance and began to gradually decline.
It is likely that wave a of a zigzag has been formed, and the current decline represents the beginning of the formation of wave b. If this is indeed the case, we may see further price decline in the near future, but it will be insignificant. Afterward, the price is expected to rise again to form the final wave c of the zigzag.
The anticipated trajectory of the price movement is indicated on the chart.
In connection with this, it is advisable to start closing previously opened sell positions. As there are no signals for buying in wave c yet, we are transitioning to a wait-and-see mode.
Investment idea: flat.
Bob Stan
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