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USD/JPY. The corrective rise is complete. Resumption of decline is expected.

USD/JPY. The corrective rise is complete. Resumption of decline is expected. | 22 January 2024

22 January 2024, USD/JPY

USD/JPY. The corrective rise is complete. Resumption of decline is expected.

Recently, the pair has been steadily rising, and this movement was considered corrective, taking the form of a simple zigzag. It was expected that the price would move higher, forming the final fifth wave of the impulse, which is part of wave c of (ii). However, judging by the current situation, the fifth wave seems to have limited itself to a weak update of the current local maximum.
It is likely that the zigzag has completed its development. Therefore, a strong downward movement is expected in the near future.
There is a reasonably promising opportunity to enter short positions at the very beginning of the movement, so it is recommended to consider this possibility.
Investment idea: Sell at 147.90, stop loss at 148.25, take profit at 144.00.

Bob Stan
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