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12.03.2024 12:21 PM
According to the current chart, the USD/JPY currency pair has completed the global active wave (W) within a potential double zigzag (W)-(X)-(Y). Wave (W) took the form of a standard zigzag A-B-C. On the last segment of the chart, we observe the development of a new bearish trend.
Most likely, an impulse is being formed, consisting of five sub-waves 1-2-3-4-5. The first two sub-waves 1-2 have been completed. Currently, the price is moving down in a more powerful impulse sub-wave 3. There is a high probability that the price will continue to fall towards the level of 141.82—the previous low marked by sub-wave [D].
After reaching the specified level, the price will rise in correction [4], after which the decline will continue in impulse [5], as shown on the chart. In the current situation, it is recommended to consider opening short positions.
As for important news that may impact the market, the report on the core Consumer Price Index (CPI) in the USA is noteworthy.
Trading recommendations: Sell at 147.35, take profit at 141.82.
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