USD/JPY. The beginning of an impulse decline in the third wave is expected. | 29 January 2024

The considered trading pair is in no hurry to decline, although all conditions for it seemed to be met. Perhaps we are dealing with a more complex and sophisticated form of correction, developing within wave (ii). In any case, the current trading week will clarify the situation, and we will see what the market really wants. For now, it remains to speculate. And the assumption remains the same. The corrective rise in the form of a zigzag in wave (ii) appears to be completed, so we have the right to expect the beginning of an impulse decline. An attempt to do this has already been made, but for now, we see the price bouncing back. Perhaps this bounce is corrective, and now it has the form of a zigzag. If this is the case, another attack on buyers will be attempted shortly. The indicated level passing at 146.60 could serve as a signal to enter sell trades in this case.

Investment idea: sell at 146.60, with a stop loss at 146.90, and a take profit at 143.40.