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USD/JPY. The situation continues to favor an impulsive decline.

USD/JPY. The situation continues to favor an impulsive decline. | 25 January 2024

25 January 2024, USD/JPY

USD/JPY. The situation continues to favor an impulsive decline.

The price made an attempt to decrease, broke the local minimum that signaled selling, and immediately started to bounce back. This could be due to a small correction before further decline. However, the situation will likely become clearer during the current trading day.
In general, there have been no significant changes. The expectation is still for an impulsive decline in the pair, driven by the development of wave (iii) of the descending impulse.
A newly formed local minimum during yesterday's trading day, with a value of 146.65, could serve as additional confirmation and a signal for selling.
Investment idea: Sell at 146.65, stop loss at 146.90, take profit at 143.30.

Bob Stan
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