19 Februari 2024, USD/JPY
The price has been trading near last year's high for some time. However, it is hesitant to make a decisive leap for a new high. Sellers are trying to take advantage of this, but their attempts do not appear very convincing. A strong move from one of the opposing sides is needed to resolve the situation.
Currently, the situation is viewed as part of an emerging downward movement, where the formation of corrective wave (ii) is nearing completion. A potential decline would mark the beginning of wave (iii) development, leading to a significant downward movement.
One could focus on the previously formed local minimum, which is at the level of 149.55.
Entering sell positions upon breaking this level could present a good opportunity for profit-taking.
Investment idea: Sell at 149.55, stop loss at 149.90, take profit at 145.80.
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