USD/JPY. The price may experience a slight downward bounce. | 11 January 2024
11 January 2024, USD/JPY
The assumption of the development of a small downward wave intended to form a clear zigzag in wave b turned out to be incorrect. Buyers were so enthusiastic that they pushed the dollar exchange rate to a local maximum. As a result, the price may continue to rise further, forming a too aggressive zigzag correction.
The most acceptable scenario would be a decline designed to complete the development of wave b in a clear manner, after which an upward movement could resume, forming an impulse that concurrently serves as wave c of (ii).
This scenario is quite feasible, so you can consider selling at current market values with a target at the current local minimum.
Investment idea: Sell at 145.45, stop loss at 145.70, take profit at 143.50.
The author's opinion reflects their personal view and is not an investment recommendation. The company is not responsible for any trading results based on the provided analytical data.
