USD/JPY. Chances of Impulsive Decline Remain. | 20 February 2024
20 February 2024, USD/JPY
The recent trading day for the USD/JPY pair unfolded in a calm manner, with the price neither attempting to rise nor fall significantly. Buyers only slightly safeguarded their position by moving away from potential critical levels.
Therefore, the considered scenario remains relevant. There's still a probability that the upward correction, taking the form of a double zigzag, has been completed. In such a case, the price would be poised for an impulsive decline, driven by the beginning of wave (iii) of a larger downward impulse.
A potential signal for entering sell positions would be a breakthrough of the indicated local level.
Investment idea: Sell at 149.55, stop loss at 149.90, take profit at 145.80.
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.
