USD/JPY. Price Set for Prolonged Impulse Decline. | 08 March 2024
08 March 2024, USD/JPY
The trading pair under consideration has finally started moving. The price has remained in a sideways range for a long time, relying on the designated support level. The breakthrough of this level led to a strong downward movement.
Thus, the development of an impulse, which is part of wave (iii), has presumably begun. If this is indeed the case, we may expect a prolonged downward movement with a new low below the minimum set in late December of last year.
In light of this, previously opened sell positions are recommended to be kept active, and additional positions may be opened as opportunities arise.
Investment idea: Sell at 147.55, stop loss at 147.80, take profit at 145.00.
The author's opinion reflects their personal view and is not an investment recommendation. The company is not responsible for any trading results based on the provided analytical data.
