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USD/JPY. The price is undergoing a correction.

USD/JPY. The price is undergoing a correction. | 12 December 2023

12 December 2023, USD/JPY

USD/JPY. The price is undergoing a correction.

During a fairly swift price rebound after a sharp decline, the price has breached the critical level, indicating a potential error in the previously considered wave labeling. There is a need for a revision.
The updated scenario suggests a price decrease in the form of an initial diagonal triangle. Previously, a zigzag formed, constituting wave (i), followed by a rapid rise due to the formation of a corrective wave (ii). Currently, this wave appears incomplete, suggesting that the price still has the potential for further growth. Before that, the price is expected to decrease, and the approximate trajectory of the price movement in the near future is indicated on the chart.
The downside potential is not significant, so it is recommended to refrain from making any trading decisions for now and remain an impartial observer.
Investment idea: Flat.
Bob Stan
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