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USD/JPY. Correction Formation Underway.

USD/JPY. Correction Formation Underway. | 12 March 2024

12 March 2024, USD/JPY

USD/JPY. Correction Formation Underway.

A considerable effort was exerted to drive the price down significantly, so it's not surprising that the price has paused, refusing to continue its downward movement. Buyers are attempting to take advantage of this, causing the price to slightly increase. However, this is likely due to the formation of a corrective structure, which is in its early stages of development.
It's unlikely to expect any significant movements in the near future. The price will probably continue to trade within a narrow price range, roughly as schematically indicated on the chart above.
Therefore, it is currently recommended to stay out of the market and observe the developments from the sidelines.
Investment idea: Flat.
Bob Stan
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