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USD/JPY. Completion of double zigzag formation.

USD/JPY. Completion of double zigzag formation. | 09 February 2024

09 February 2024, USD/JPY

Buyers have decided not to postpone their actions, resuming their activity. As a result, the prolonged correction that was expected did not occur, and the price began to rise, reaching a new local high. It is likely that this marks the beginning of the development of the final wave y of (ii) in the double zigzag pattern.
Therefore, in the near future, the price may continue to rise slightly before a reversal occurs, starting the next bearish cycle.
If the upward movement persists and the price surpasses the designated high, the current wave scenario will be invalidated, and an alternative scenario will need to be considered.
In this situation, it is recommended to wait for a sell signal to emerge, which is likely to form during the next week.
Investment idea: Flat.
Bob Stan
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