USD/JPY. The price may enter a corrective sideways movement. | 14 December 2023
14 December 2023, USD/JPY
The sharp weakening of the dollar has been seized upon by the Japanese yen. The price rapidly and significantly dropped, almost within an hour, returning to the starting point before the preceding rise. Currently, the situation suggests that the price will likely attempt to go even lower, but it is unlikely to easily execute this plan.
Most probably, in the near future, we will see another rise, and the price will hover within a certain price range, making three-wave movements both up and down. This will be the formation of wave (ii), and after its completion, the price will move downward.
In connection with this, it is not recommended to make any trading decisions. It is advisable to wait for the emergence of good price levels from which trading can be attempted.
Investment idea: flat.
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.
