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USD/JPY. Chances of Impulsive Decline Remain.

USD/JPY. Chances of Impulsive Decline Remain. | 20 February 2024

20 February 2024, USD/JPY

USD/JPY. Chances of Impulsive Decline Remain.

The recent trading day for the USD/JPY pair unfolded in a calm manner, with the price neither attempting to rise nor fall significantly. Buyers only slightly safeguarded their position by moving away from potential critical levels.
Therefore, the considered scenario remains relevant. There's still a probability that the upward correction, taking the form of a double zigzag, has been completed. In such a case, the price would be poised for an impulsive decline, driven by the beginning of wave (iii) of a larger downward impulse.
A potential signal for entering sell positions would be a breakthrough of the indicated local level.
Investment idea: Sell at 149.55, stop loss at 149.90, take profit at 145.80.

Bob Stan
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