USDJPY – Down
The assumption of the development of a small downward wave intended to form a clear zigzag in wave b turned out to be incorrect. Buyers were so enthusiastic that they pushed the dollar exchange rate to a local maximum. As a result, the price may continue to rise further, forming a too aggressive zigzag correction.
The most acceptable scenario would be a decline designed to complete the development of wave b in a clear manner, after which an upward movement could resume, forming an impulse that concurrently serves as wave c of (ii).
This scenario is quite feasible, so you can consider selling at current market values with a target at the current local minimum.
Investment idea: Sell at 145.45, stop loss at 145.70, take profit at 143.50.
You may check other analytical reviews on FreshForex website. Source: freshforex.com.
