USDJPY – Price is set for a prolonged impulsive decline

08.03.2024

The considered trading pair finally came into motion. The price stood in the sideways for a long time, leaning on the marked support level, the breakdown of which led to a strong downward movement.

Thus, presumably, the development of the impulse, which is part of wave (iii), has started. If this is true, then in the future we may see a prolonged downward movement with the renewal of the minimum set at the end of December last year.

In this regard, it is recommended to keep previously opened sell trades in operation and open additional positions if possible.

Recommendations: Sell 147.55, SL 147.80, TP 145.00.