USD/JPY. Correction development expected. | 06 May 2024
06 May 2024, USD/JPY
Strong price fluctuations dominated by bearish forces have led the exchange rate to break through a long-held resistance level. Now, this level may act as support for the price. We can already see the price attempting to rebound from it.
If buyers manage to utilize this support level, we may witness a decent price bounce. Therefore, it is recommended to close open sell positions and consider short-term buying opportunities, as the anticipated rise is likely to be corrective in nature.
Investment idea: Buy at 153.70, stop loss at 153.50, take profit at 154.50.
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.
