USD/JPY. Correctional growth is developing. | 07 May 2024
07 May 2024, USD/JPY
As expected, the price perceived the previously breached resistance level as support and attempted to rise. Most likely, the current observed growth is corrective in nature, and we may soon see a resumption of the downward movement.
Therefore, it is advisable to closely monitor the further behavior of the price. Opening sell positions at the current market levels is quite risky as the price may rise further. The most optimal signal at the moment would be a consolidation below the same level, although the market will definitely provide an opportunity to sell at more attractive prices.
While there is this uncertainty, it is recommended to stay out of the market and observe the situation from the sidelines.
Investment idea: Flat.
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.
