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
Agree with the review?
Traders' opinion:
Close
Log in
Your browser does not support cookie. If cookie is disabled in your Internet browser, you may have problems with accessing Client Area. How to enable cookie .
manager photo manager photo
Online-support
We will be pleased to answer any questions you may have

Write

Get bonus