USD/JPY. Expectations of a decline in the third wave persist.
USD/JPY. Expectations of a decline in the third wave persist. | 26 December 2023
26 December 2023, USD/JPY
During the last trading session, the considered trading pair seemed almost motionless. The price remained stagnant throughout the day, making no efforts to either rise or fall.
In this context, the previously considered scenario remains relevant. It is worth reminding that the completion of the formation of wave (ii) in a relatively large initial diagonal triangle is currently assumed. Thus, if this assumption is correct, a decline in wave (iii) is expected, taking the form of a zigzag. Before this, there is a high probability of a small corrective bounce, after which the downward movement is likely to occur.
At the moment, the optimal level for entering sell trades is the current price minimum.
The investment idea in this regard looks as follows: Sell at 140.90, stop loss at 141.35, take profit at 137.50.
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