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USD/JPY: Small Correction Before Further Decline

USD/JPY: Small Correction Before Further Decline | 05 June 2024

05 June 2024, USD/JPY

USD/JPY: Small Correction Before Further Decline

The price has started to gain momentum in the downward direction, which has once again triggered a strong reaction from buyers. They quickly intervened, not only halting the decline but also pushing the price upwards.

This minor rebound is currently seen as part of an emerging correction. In the near future, we are likely to see trading within a narrow range, followed by a renewed decline.
All of this is expected to be part of the presumed wave (3) of the descending impulse. Therefore, it is recommended to maintain a bearish outlook and look for opportunities to enter sell positions upon breaking the current local minimum.
Investment Idea: Sell at 154.30, stop loss at 154.55, take profit at 146.00.

Bob Stan
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