USD/JPY. Possible Trend Reversal. | 29 April 2024
29 April 2024, USD/JPY
An intriguing situation is unfolding in the current scenario regarding the USD/JPY pair. During the final trading day of the previous week, there was a sudden surge in activity from buyers. This was swiftly met with a response from their counterparts. In this local skirmish, supporters of the Japanese currency emerged stronger, managing to completely absorb the sharp aggressive surge.
This could indicate that perhaps the development of both Wave 5 of the terminal diagonal triangle specifically and the entire upward impulse in general has concluded in this manner. If so, there might be a trend reversal occurring currently, transitioning from an upward cycle to a downward one.
In this situation, cautiously selling at current market values could be considered.
Investment Idea: Sell at 157.00, with a stop loss at 157.25 and a take profit at 154.00.
The author's opinion reflects their personal view and is not an investment recommendation. The company is not responsible for any trading results based on the provided analytical data.
