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USD/JPY. Expectations of the development of a downward impulsive movement remain.

USD/JPY. Expectations of the development of a downward impulsive movement remain. | 21 October 2024

21 October 2024, USD/JPY

USD/JPY. Expectations of the development of a downward impulsive movement remain.

The situation on the considered trading pair continues without any significantly important changes. The price remained within an ascending channel, within which, presumably, the final diagonal triangle developed, which concluded the formation of wave Y of the double zigzag.
At the moment, it is observed that the price is trading at the lower boundary of the specified channel. With a high degree of probability, an attempt will be made to pass this level, which acts as support, in the near future.
In case of success, the price may fall significantly, so it is recommended to consider the current situation for concluding sell deals.
Sell deals can be made at current market values, setting a protective stop loss at the local maximum.
Investment idea: sell 149.50, stop loss 149.85, take profit 140.00.
Bob Stan
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