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USD/JPY. The beginning of an impulsive price decline is established.

USD/JPY. The beginning of an impulsive price decline is established. | 07 March 2024

07 March 2024, USD/JPY

USD/JPY. The beginning of an impulsive price decline is established.

During the last trading day, an event that has been long anticipated finally occurred. The price made a directional movement, managing to break the previously identified support level and close below it. This is likely the start of a strong downward movement, driven by the formation of wave (iii).
The sell signal has already been activated, so it is recommended to keep existing sell positions active. Additionally, new positions can be entered at current market values. The nearest potential target for the emerging movement is at the level of 145.00, although it is expected that the exchange rate will decline much further.
Investment idea: Sell at 148.60, Stop Loss at 148.90, Take Profit at 145.00.

Bob Stan
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