USD/JPY. The corrective rise may continue. | 19 January 2024
19 January 2024, USD/JPY
As anticipated, the price was unable to continue its upward movement. However, there is no significant corrective pullback observed either. The correction, likely guided by the alternation principle, has begun forming a shallow correction, which is presumed to be the fourth wave in the ascending impulse, the c wave of a zigzag.
In the future, we may see a continuation of the rise toward the designated target, where the entire upward correctional structure will complete, and the price will start reversing.
Subsequent decline has significant potential for movement, so it is recommended to consider the possibility of entering sell positions when the specified scenario unfolds.
Until the price reaches the target values for the upward correctional movement, you may try buying on the renewal of the current local maximum.
Investment idea: Buy at 148.55, stop loss at 148.30, take profit at 149.50.
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