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USD/JPY. The Target is Almost Reached.

USD/JPY. The Target is Almost Reached. | 16 April 2024

16 April 2024, USD/JPY

USD/JPY. The Target is Almost Reached.

For now, the dollar continues to rise confidently, realizing the scenario considered earlier. It's worth noting that the current rise appears to be driven by the development of wave 5 of v, the final diagonal triangle.

The completion of this pattern will also mark the end of the entire upward impulsive cycle that began in 2020. The next phase will be a correction, which could result in a fairly deep retracement and be quite prolonged.

In light of this, it's important to timely close long positions. The target for the observed movement remains at the 155.00 mark, and it's very close now, so opening new long positions at current market levels is not recommended.

Investment Idea: Flat.

Bob Stan
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