USD/JPY. Resumption of downward movement is expected. | 10 May 2024
10 May 2024, USD/JPY
During the previous trading day, there weren't any significant changes in the USD/JPY pair. The dollar is attempting to hold its ground at current levels, but its strength is diminishing. While a brief pause and a continuation of the uptrend cannot be ruled out, overall, the initiative lies with the sellers, and the current bounce is viewed as a correction.
During today's trading session, the downward movement may resume, aiming to form the third wave of the emerging downward impulse at a lower time frame. It's important to be prepared for this scenario. Opening sell positions is recommended below the 154.70 level.
Investment idea: Sell at 154.70, with a stop loss at 155.00, and a take profit at 140.00.
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.
