USD/JPY. The corrective wave continues its development | 16 January 2024
16 January 2024, USD/JPY
The situation with the considered pair is gradually becoming clearer. The development of the correction in the form of a zigzag, where wave b is forming, is still anticipated. However, wave b, it seems, is becoming more complex and likely takes the form of a converging horizontal triangle. To complete it, the development of two more small waves is needed, one upward and the other downward. After that, the price will likely rise again, forming wave c of the presumed zigzag.
At the same time, the formation of corrective wave (ii) will be completed, and the price may start preparing for a prolonged impulsive decline.
In the current situation, it is not recommended to open any trading positions until the correction is completed.
Investment idea: flat.
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.
