The legend in the InstaSpot team!
Legend! You think that's bombastic rhetoric? But how should we call a man, who became the first Asian to win the junior world chess championship at 18 and who became the first Indian Grandmaster at 19? That was the start of a hard path to the World Champion title for Viswanathan Anand, the man who became a part of history of chess forever. Now one more legend in the InstaSpot team!
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Let's consider the situation with the USD/JPY currency pair on a four-hour timeframe. From the perspective of wave theory, after completing the global wave (W), the market began to build a new bearish trend. Most likely, the initial part of the impulse [1]-[2]-[3]-[4]-[5] is in the early stages of development.
The first part, impulse [1], appears completed, and the upward correction [2] also looks finished. Correction [2] consists of three main parts—sub-waves (A)-(B)-(C).
On the last segment of the chart, we can observe the development of the initial part of a new impulse wave [3]. Its potential internal structure is depicted on the chart.
In the upcoming trading days, the development of the first sub-wave (1) towards the price level of 148.10 is expected. Then, a minor rise in correction (2) is anticipated. In the current situation, it is recommended to consider opening short positions.
As of today, there are no planned events that would impact the market. Thus, the market will continue its movement within the current scenario.
Trading recommendations: sell at 150.31, take profit at 148.10.
*এখানে পোস্ট করা মার্কেট বিশ্লেষণ আপনার সচেতনতা বৃদ্ধির জন্য প্রদান করা হয়, ট্রেড করার নির্দেশনা প্রদানের জন্য প্রদান করা হয় না।
ইন্সটাফরেক্স বিশ্লেষণমূলক পর্যালোচনাগুলো আপনাকে মার্কেট প্রবণতা সম্পর্কে পুরোপুরি সচেতন করবে! ইন্সটাফরেক্সের একজন গ্রাহক হওয়ায়, দক্ষ ট্রেডিং এর জন্য আপনাকে অনেক সেবা বিনামূল্যে প্রদান করা হয়।
