USDJPY – Good corrective growth is expected

15.12.2023

The situation on the pair under consideration is still developing within the previously proposed wave scenario, where the decline is expected within the initial diagonal triangle. At the moment, the development of wave (i) is probably completed. Then there was a rather strong pullback, but sellers returned the price to the previously established local minimum, trying to update it, but the strength was enough only for a minor movement.

Most likely, from the current prices we will see a growth, which will be the beginning of aimless wandering of the price within a certain range. The reason for this is the corrective wave (ii), the formation of which is expected in the near future.

The initial upward movement may turn out to be quite good, so it is worth trying to buy, but it is not recommended to keep the position in operation for a long time, at the first opportunity you should either move the deal to breakeven or close it at all.

Recommendations: Buy 142.00, SL 141.75, TP 144.00.