USD/JPY. The yen is expected to attempt to break through the buyers' defense. | 04 March 2024
04 March 2024, USD/JPY
The designated support level remains the priority target for sellers. It is likely that another attempt will be made soon to breach this defensive line of buyers. This time, it may end successfully, considering the possible weakening of the dollar against the euro and the pound.
Thus, the previously considered scenario remains relevant. A decline is expected as part of the formation of wave (iii) of the downward impulse.
The signal for entering sell trades remains the breakout of the designated support level.
Investment idea: Sell at 149.40, stop loss at 149.75, take profit at 145.00.
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.
