USD/JPY. The corrective rise in the second wave is expected to continue.
USD/JPY. The corrective rise in the second wave is expected to continue. | 19 December 2023
19 December 2023, USD/JPY
Unable to establish itself below the previously set minimum, the price has predictably started to rise. Presumably, this marks the beginning of the development of wave (ii) within an emerging descending leading diagonal triangle.
The upward movement is expected to take the form of a zigzag. It may happen that the current observed price rise becomes the final wave in this zigzag, in which case wave (ii) will complete, and a rapid decline in wave (iii) will commence.
Alternatively, the correction may become slightly more complex, and we might see another attempt at an upward move from the current local minimum, as indicated on the above chart.
In any case, there is an opportunity to try to profit from the rise now, as the targets for this movement have not been reached yet.
Investment idea: Buy at 143.50, stop loss at 143.25, take profit at 145.80.
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