USD/JPY. Price May Start to Decline. | 27 February 2024
27 February 2024, USD/JPY
While there's a positive wave of movement forming for major European currencies relative to the dollar, the Japanese yen hasn't been able to find any significant arguments in its favor. As a result, the dollar has approached its local maximum again. Perhaps this is the cunning plan of sellers: to allow the price to reach the extreme and then use it as support to initiate a strong push downwards.
At the moment, this possibility looks quite realistic, and I would recommend starting to sell at the current market values, setting a protective stop loss slightly above the current local maximum.
A swift decline in price could mark the beginning of the development of the presumed wave (iii) of the downward impulse in the considered wave scenario.
Investment idea in this regard: Sell at 150.45, set a stop loss at 150.90, and take profit target at 147.80.
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