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USD/JPY: Current Wave Scenario Remains Relevant.

USD/JPY: Current Wave Scenario Remains Relevant. | 12 June 2024

12 June 2024, USD/JPY

USD/JPY: Current Wave Scenario Remains Relevant.

No significant changes have been observed in the USD/JPY pair. The price hasn't shown any notable movement over the past day, keeping the current wave scenario intact.
In the near future, a slight increase towards the upper boundary of the channel is expected. This boundary also serves as the forming line for the presumed ending diagonal triangle. This move will complete the formation of wave 5 in this model and conclude the entire prolonged upward impulse cycle.
At that point, it will be time to look for opportunities to enter short positions, as the potential for a significant decline is high. For now, it is advisable to continue monitoring the situation without taking any market actions.
Investment Idea: Flat.
Bob Stan
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