USD/JPY. The price is not in a hurry to continue rising. | 07 February 2024
07 February 2024, USD/JPY
It's currently difficult for the price to continue rising. The pair is starting to get stuck in a correction, presumably part of a zigzag, which in turn is part of a larger corrective structure resembling a double zigzag.
In the near future, the instrument is expected to trade within a narrow price range, after which there will be an attempt at further growth. During this phase, the entire upward correctional structure will either complete or some bullish alternative will form, which can be considered after breaking the designated high of the previous year.
Considering this pair for trading in the near future is not recommended.
Investment idea: Flat.
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.
