USD/JPY. The development of corrective wave 2 continues.
USD/JPY. The development of corrective wave 2 continues. | 13 December 2023
13 December 2023, USD/JPY
Nothing significantly important or interesting has occurred with the considered trading pair. The only noteworthy point is that the yen managed to halt the rapid return of the price to the highs after a quite substantial decline. The opposing parties have reached a ceasefire, and the price enters a balanced state. The formation of a correction has begun, driven by the development of wave (ii).
Overall, the development of an initial diagonal triangle is anticipated, where wave (i) took the form of a simple zigzag. The expected price movement trajectory within the diagonal is indicated on the chart above. In the near future, it is unlikely to expect any directional movement, so there are no recommendations for trading transactions at the moment.
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