USD/JPY: The Upward Cycle Might Be Completed. | 21 June 2024
21 June 2024, USD/JPY
The dollar has finally managed to reach the target, which was set at the upper boundary of the presumed ending diagonal triangle. This might indicate the completion of the entire upward impulse cycle. However, it is too early to draw conclusions.
Confirmation is needed in the form of a strong impulsive decline. After this, look for opportunities to enter sell trades during the subsequent corrective rise.
Alternatively, you can try selling at current market levels. In this case, the potential loss will be minimal since the price has just reached the target and the stop loss should be placed slightly above the current market value.
Investment Idea: Sell: 158.90, Stop Loss: 159.15, Take Profit: 155.50.
The author's opinion reflects their personal view and is not an investment recommendation. The company is not responsible for any trading results based on the provided analytical data.
