USD/JPY. Resumption of the downward movement. | 13 May 2024

13 May 2024, USD/JPY

USD/JPY. Resumption of the downward movement.

Buyers are beginning to lose strength, which is reflected in their attempt to recover the exchange rate after a fairly sharp decline. Half of the bearish wave has been retraced by buyers, and advancing further upwards will become even more difficult. It's likely that this attempt will not succeed, indicating a resumption of the price decline in the near future.
This could mark the beginning of the development of the subsequent third wave of the emerging downward impulse on the smaller time frame. In this situation, considering the possibility of entering sell positions at current market values could be viable. The potential movement is quite attractive, with expectations of breaking the lower boundary of the previously formed ending diagonal triangle.
Investment idea: Sell at 155.40, with a stop loss at 155.65, and a take profit at 140.00.
Bob Stan
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