USD/JPY: The price may begin a decline in the fifth wave of the impulse.
USD/JPY: The price may begin a decline in the fifth wave of the impulse. | 11 December 2023
11 December 2023, USD/JPY
After a fairly sharp decline, the price has started to rapidly rebound. But will it have enough strength and potential to return to the initial point? It seems unlikely, although it's still a possibility. Currently, the situation is viewed as the beginning of an impulse development in which the first wave is forming. Presumably, it started its development from an initial diagonal triangle, wave (i). Now, a corrective wave (iv) is likely forming, which should not extend beyond the horizontally marked level.
Wave (i) appears to be stretched, making wave (v) the shortest, and it may only barely update the current local minimum.
In the current situation, one may consider starting to sell if the value breaks below 144.75.
Investment idea: Sell at 144.75, stop loss at 145.10, take profit at 141.60.
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