USD/JPY. The wave pattern remains unchanged. | 31 January 2024
31 January 2024, USD/JPY
The price is not rushing to decline. Approaching a level that, if broken, could signal sales, attempts at a rebound have started, but there is also no significant rise. Perhaps the price will trade within a certain price range above the designated level for some time, after which it will attempt to break through.
Until this moment, patience will be required while observing the developments from the sidelines. In the event of a favorable outcome, we could enter practically at the beginning of the impulsive wave (iii) of the downward impulse. In this case, the price will go below the minimum set by wave (i), which represents a significant price distance.
Investment idea: Sell at 146.60, stop loss at 146.90, take profit at 143.40.
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