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USD/JPY. The ascending correction continues its development.

USD/JPY. The ascending correction continues its development. | 17 January 2024

17 January 2024, USD/JPY

USD/JPY. The ascending correction continues its development.

The price has continued to rise and has broken above the upper boundary of the presumed descending horizontal triangle, thereby indicating the inaccuracy of the assumption regarding the development of this pattern. However, the current price movement is still assumed to be a correction.
Possibly, a zigzag is developing, in which the final part is taking the form of an ending diagonal triangle. If this assumption is correct, we can expect further movement similar to the schematic representation on the above chart.
In the near future, the price is expected to decline to the lower boundary of the channel, after which it will make a final upward leap. This is anticipated to complete the formation of the ascending correctional structure.
As the movements are expected to be minor, it is not recommended to trade this instrument.
Investment idea: flat.
Bob Stan
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