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USD/JPY. Confident Rightward Movement Continues.

USD/JPY. Confident Rightward Movement Continues. | 23 February 2024

23 February 2024, USD/JPY

USD/JPY. Confident Rightward Movement Continues.

The situation regarding the considered pair remains dull. There is still no significant activity. The price is trading confidently within a certain range, without making any efforts to break out of it.
As long as the price remains in this sideways movement, considering this instrument for trading is not advisable. Therefore, the previously discussed bearish scenario remains relevant. According to this scenario, the upward correction, representing a double zigzag, has completed, and the price is preparing for an impulsive decline in wave (iii).
A possible signal for entering selling positions would be the breakout of the indicated support level.
Investment idea: Sell at 149.45, stop loss at 149.80, take profit at 145.00.

Bob Stan
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