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USD/JPY. The dollar is preparing for a decisive breakthrough of the maximum.

USD/JPY. The dollar is preparing for a decisive breakthrough of the maximum. | 25 March 2024

25 March 2024, USD/JPY

USD/JPY. The dollar is preparing for a decisive breakthrough of the maximum.

Once again, the price has reached the maximum and started to pull back. The breakthrough is postponed indefinitely. Nevertheless, the situation suggests that the probability of its renewal remains quite high, and the delay is likely preparation for this event.
Therefore, the current scenario is considered as the primary one. It is assumed that breaking the local maximum will trigger a sharp impulsive rise as part of the formation of wave 5 of v, the final diagonal triangle.
With this, the entire upward impulsive structure will be completed, and the next correction phase will begin, where the price may retreat significantly downward.
In the current situation, it is recommended to consider the possibility of buying on the breakout of the local maximum.
Investment idea: Buy at 151.85, stop loss at 151.40, take profit at 155.00.

Bob Stan
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