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USD/JPY. The correction continues to develop.

USD/JPY. The correction continues to develop. | 15 January 2024

15 January 2024, USD/JPY

USD/JPY. The correction continues to develop.

After slightly updating the local maximum within the presumably forming correction, the price started to decline. However, the downward movement lacks enthusiasm, and the potential for movement appears limited. Currently, there is an attempt to resume the upward movement, but the incomplete nature of the presumed wave b suggests that eventually, the price will go to the level of 143.40.
In connection with this, it is recommended to hedge previously opened sell positions by moving the protective stop loss to the breakeven zone and wait for the specified target to be reached or for the position to be triggered by the stop.
No other scenarios are currently observed, and it's possible that some important adjustments to the developing pattern may occur during the current trading day.
Investment idea: flat.
Bob Stan
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