USD/JPY. The initiative is shifting to the side of the Japanese currency. | 05 Diciembre 2023
05 Diciembre 2023, USD/JPY
Regarding the analyzed pair, let's take a look at the daily chart. Here, we observe a strong impulsive rise with elongation in wave iii and a truncated wave v. By the way, on smaller timeframes, wave v was considered as a prolonged correction taking the form of a triple zigzag. Most likely, this was an error, and in subsequent analyses, this wave will be reassessed.
Currently, there is an attempt at a decline. The fact of truncation in the fifth wave indicates increased selling pressure. Therefore, the ongoing decline is unlikely to be a minor correction. Sales may intensify and lead to a significant price drop.
Thus, from a long-term perspective, the initiative seems to be shifting to the side of the Japanese currency. Whether it can handle this in the future remains to be seen.
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.
