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USD/JPY: Impulsive Decline Underway.

USD/JPY: Impulsive Decline Underway. | 16 May 2024

16 May 2024, USD/JPY

USD/JPY: Impulsive Decline Underway.

The anticipated resumption of the downward movement has begun to materialize. The price has started moving downwards, likely initiating the formation of the next wave of a nascent downward impulse. After a minor correction, we can expect a prolonged impulsive decline.
Additional sell positions should be opened upon the update of the current local minimum, which aligns with the support level indicated on the chart. The nearest target lies at the lower boundary of the previously formed ending diagonal triangle, but given the current wave pattern, the price may fall significantly lower.
Thus, entering sell trades in the current situation remains a promising trading decision.
Investment Idea: Sell at 153.45, stop loss at 153.65, take profit at 140.00.

Bob Stan
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