USD/JPY. Active impulsive decline is expected. | 16 October 2024
16 October 2024, USD/JPY
No significantly important changes occurred in the considered pair during the past trading day. Activity from both opposing sides was reduced, the price remained within the assumed converging final diagonal triangle at the local maximum.
At the moment, it is observed that the price lies on the lower limit of the specified model. Apparently, preparations are underway for a decisive breakout and the beginning of a strong impulsive movement.
If this is indeed the case, active sales may bring the dollar's exchange rate to the minimum set by wave X, but this is just the beginning; if conditions are favorable for sellers, the dollar's exchange rate relative to the yen could plunge much lower.
For this reason, it is recommended to open sell deals already at current market values.
Investment idea: sell 148.80, stop loss 149.15, take profit 139.60.
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.
