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USD/JPY: Beginning of an Impulsive Decline

USD/JPY: Beginning of an Impulsive Decline | 15 May 2024

15 May 2024, USD/JPY

The buyers' momentum is gradually fading, and the price is starting to look in the opposite direction. The recent rise was likely corrective and has probably ended. Consequently, we can expect the beginning of a decline, which may have a prolonged impulsive nature.
The targets for the anticipated decline lie at least at the lower boundary of the previously formed ending diagonal triangle. However, the price will likely go much lower.
Thus, we have a promising opportunity to enter sell positions at current market levels.
Investment Idea: Sell at 156.25, stop loss at 156.60, take profit at 140.00.

Bob Stan
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