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USD/JPY. Expectations for a breakout of the resistance level persist.

USD/JPY. Expectations for a breakout of the resistance level persist. | 08 April 2024

08 April 2024, USD/JPY

USD/JPY. Expectations for a breakout of the resistance level persist.

The previously identified and quite tiresome resistance level remains an impregnable line of defense for sellers. It also continues to disturb the price, as for a quite extended period, it has been very close, if not touching it. Last week saw an attempt to rebound, but after some time, the price returned to its previous position.
It is likely that during the current trading week, the situation may finally resolve. The price will attempt to move further or significantly rebound downwards. The first option remains the most probable at this point. Thus, the price would form the final wave 5 of v of the ending diagonal triangle.
Opening buy transactions in this situation should be considered upon a breakout and consolidation of the price above the indicated level.
Investment idea: Buy at 152.00, stop loss at 151.75, take profit at 155.00.

Bob Stan
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