USD/JPY. The corrective rise is complete. Resumption of decline is expected. | 22 January 2024
22 January 2024, USD/JPY
Recently, the pair has been steadily rising, and this movement was considered corrective, taking the form of a simple zigzag. It was expected that the price would move higher, forming the final fifth wave of the impulse, which is part of wave c of (ii). However, judging by the current situation, the fifth wave seems to have limited itself to a weak update of the current local maximum.
It is likely that the zigzag has completed its development. Therefore, a strong downward movement is expected in the near future.
There is a reasonably promising opportunity to enter short positions at the very beginning of the movement, so it is recommended to consider this possibility.
Investment idea: Sell at 147.90, stop loss at 148.25, take profit at 144.00.
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.
