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20.03.2024 01:14 PM
From the perspective of wave analysis, the USD/JPY pair is moving within the framework of the current global wave (W). The wave (W) takes the form of a standard zigzag W-X-Y. The final impulse sub-wave C is in the developmental stage. On the current chart, we can see the final part of this impulse.
Inside impulse C, the fifth part—sub-wave [5]—is forming as of writing. The first four parts of the mentioned impulse are completed. Currently, the price is moving within the bullish wave (5).
As part of wave (5), sub-waves 1-2-3-4 appear to be completed. In the coming trading days it is assumed that we will observe growth in impulse [3] of 5, as shown on the chart. The price will likely rise to the level of 155.76. After reaching this level, a slight pullback downward in correction [4] is possible (as shown on the chart).
In the current situation, it is recommended to consider opening long positions. Against the backdrop of expected news, bullish sentiment may be strengthened.
Trading recommendations: Buy at 151.49, take profit at 155.76.
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