USD/JPY. Formation of a downward impulse has begun. | 16 January 2025
16 January 2025, USD/JPY
Continuation of the upward movement within the development of the ending diagonal triangle as Wave 5 of (c) did not materialize. Seeing that the dollar was experiencing difficulties relative to major European currencies, the yen decided to try its luck and attempted to improve its position. This resulted in a sharp exit of the price from the ascending channel, suggesting a possible trend reversal.
Probably, the ending diagonal triangle did form, but it wasn't as extensive as expected. This model concluded with a minor update of the local maximum, immediately followed by the onset of a decline.
Currently, a downward impulse is presumably being formed. In this situation, one should consider options for entering into sell transactions at the current market values.
Investment idea: Sell 156.50, Stop Loss 156.80, Take Profit 154.00.
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.
