USD/JPY. Final dollar rally expected. | 28 October 2024
28 October 2024, USD/JPY
As anticipated, the USD/JPY pair has shown no significant decline. Instead, buyers are eager to exploit the existing upward momentum. There is a strong desire among them to update the current local maximum, which provides a solid target at 61.8% according to the Fibonacci retracement.
With this goal in mind, it is reasonable to consider entering long positions at current market levels. The completion of the correctional structure, consisting of a plane, implies that the next move may be a sharp upward movement.
After reaching the desired level, positions should be closed, and other options, such as switching to shorts, should be explored.
Investment idea: buy 152.35, stop loss 151.95, take profit 154.20.
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.
