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USD/JPY. A decline is expected within the forming correction.

USD/JPY. A decline is expected within the forming correction. | 08 January 2024

08 January 2024, USD/JPY

For the considered pair, the development of a correction is anticipated, which is wave (ii) within an emerging downward impulse. Earlier, the completion of the formation of wave a and the beginning of a decline in wave b were expected. However, the length of wave a seemed insufficient to the market, so the price continued to rise.
Currently, there is selling pressure, leading to the belief that we will see a decline in the near future, which will contribute to the development of wave b.
In this context, it may be worth considering the possibility of entering sell orders at current market values, with a relatively small target for the downward movement.
Investment idea: Sell at 144.40, stop loss at 144.65, take profit at 142.50.

Bob Stan
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