USDJPY – Down
A rather complex wave pattern is currently unfolding for the analyzed trading pair. The dollar has surged sharply upward, approaching the previous highs closely, and it is likely that they will be breached in the near future. This would invalidate the previously considered scenario, prompting the need to consider alternative wave counts.
One possible scenario could involve the continuation of wave v in a prolonged upward impulse. In this case, while wave v still takes the form of a terminal diagonal triangle, wave 5 of v could become the longest wave in this pattern.
Currently, the development of the third wave within wave 5 might be underway. In this situation, it is advisable to actively buy with a target above the current maximum set by wave iii on October 21, 2022.
Investment idea: Buy at 151.60, Stop Loss at 151.25, Take Profit at 155.00.
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