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USD/JPY. Selling within the corrective rise.

USD/JPY. Selling within the corrective rise. | 18 January 2024

18 January 2024, USD/JPY

USD/JPY. Selling within the corrective rise.

The price has continued to rise, and it appears less likely to form a diagonal triangle. Most likely, the presumed wave c of (ii) is a complete impulse. To complete it, a small corrective pullback is needed, after which the price is expected to rise again, updating the current local maximum.
The target level for this wave is indicated on the chart. In this situation, it makes sense to try to capture the correction that is ready to begin. The potential movement is around 90 points, which is quite significant.
It is recommended to open trades based on current market values, setting a protective stop loss at the local maximum.
Investment idea: Sell at 147.90, stop loss at 148.20, take profit at 147.00.

Bob Stan
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