While the euro and the pound are trying their best to capitalize on the dollar’s weakness and improve their position, the Japanese yen remains relatively inactive. Meanwhile, the situation throughout the past trading day hasn’t changed. Most likely, the formation of the final Wave 5, appearing as an ending diagonal triangle and part of Wave (c), is ongoing.
Completion of the specified model still requires a final wave. But the price is already forming it. This means that in the near future, we may see another update of the local maximum, leading to the completion of the entire upward movement.
After this, a reversal and an impulsive price decline are expected.
Opening transactions in this situation is recommended for buying, but holding them for long isn’t advisable—profit should be fixed at the update of the maximum.
Investment idea: Buy 157.90, Stop Loss 157.65, Take Profit 159.40.
Origin: FreshForex
