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USD/JPY. Onset of a decline in the third wave.

USD/JPY. Onset of a decline in the third wave. | 21 December 2023

21 December 2023, USD/JPY

USD/JPY. Onset of a decline in the third wave.

The situation with the considered pair continues to unfold within the framework of the previously analyzed wave scenario. At the moment, the development of corrective wave (ii) in the initial diagonal triangle is presumably completing or has already completed.
Subsequently, we may observe a decline in the form of a zigzag, which will constitute the third wave in this same model. This appears to be a promising opportunity for entering sell positions.
These positions can be initiated at the current market values or upon the breakout of the current local minimum for a more secure entry.
Investment idea: Sell at 142.95, 143.30, take profit at 138.00.
Bob Stan
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