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USD/JPY: the dollar continues to prepare for a maximum update attempt.

USD/JPY: the dollar continues to prepare for a maximum update attempt. | 26 March 2024

26 March 2024, USD/JPY

USD/JPY: the dollar continues to prepare for a maximum update attempt.

The price continues to hover under the resistance level. It looks like water accumulating behind a dam. In the end, a breakthrough may happen and the price will rise sharply, activating the stops previously set by the selling traders above this level. Thus, the formation of the final wave 5 of V, a long upward impulse, is assumed.

It is also worth noting that in this case, indicated wave V will take the form of a final diagonal triangle, which indicates an imminent completion of the upward movement and a strong downward movement. In the current situation, it is worth considering the possibility of concluding transactions for buying a breakdown of the indicated resistance level.

Investment idea: buy 151.90, stop loss 151.60, take profit 155.00.

Bob Stan
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