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USD/JPY. The price starts growing inside the forming correction.

USD/JPY. The price starts growing inside the forming correction. | 09 September 2024

09 September 2024, USD/JPY

USD/JPY. The price starts growing inside the forming correction.

The price reached the previously established minimum and began to slow down. It is difficult enough to pass even lower, and it is unlikely that the yen will manage to push the price in this situation. There is a high likelihood of a rebound, therefore, the correction will continue. Currently, its structure is very similar to a flat, but it may become more complex, turning into a double or triple three.
At the moment, there is a very good opportunity for concluding purchase transactions. The price is near the support level, a zigzag has been formed, which is presumably wave b, in this situation, the following wave is an impulse in the opposite direction, in our case, up.
Therefore, it is advisable to carefully examine purchases at current market values.
Investment idea: buy 142.95, stop loss 142.60, take profit 147.00.
Bob Stan
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