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USD/JPY. Expectations of a decline persist.

USD/JPY. Expectations of a decline persist. | 23 January 2024

23 January 2024, USD/JPY

USD/JPY. Expectations of a decline persist.

It may be unnecessary to say anything specific about the current situation with the considered pair. No changes have occurred over the past day. Sharply reduced volatility has resulted in movement occurring only in a horizontal direction.
However, a decline is still expected in the near future. This is due to the anticipated completion of the upward correction, which is wave (ii) and has taken the form of a simple zigzag.
The downward movement, therefore, will be wave (iii), and it is expected to be quite strong and prolonged. This is in theory, and how it unfolds in practice will become known shortly.
Investment idea: Sell at 147.55, stop loss at 147.90, take profit at 143.50.

Bob Stan
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