USD/JPY. Expected growth within forming correction.
USD/JPY. Expected growth within forming correction. | 02 September 2024
02 September 2024, USD/JPY
The Japanese yen failed to capitalize on the weakness of the dollar and improve its position. This was expected, and there had been earlier suggestions of gradual price stabilization within certain price ranges. This is due to diminished activity and decreased volatility, marking the beginning of a correction, currently viewed as a simple zigzag pattern. Waves 'a' and 'b' are already formed in this model. Currently, there is observed growth representing wave 'c'. However, these are preliminary assumptions. The correction could potentially become more complex, thus extending over an indefinite period. This will lead to prolonged price oscillations within established price limits.
In the near term, there is a high probability of growth towards the maximum set by the presumed wave 'a', so consideration may be given to opening buy positions.
Investment idea: buy at 146.20, stop loss at 145.95, take profit at 148.50.
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