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USD/JPY. The price remains under pressure but with a good growth outlook.

USD/JPY. The price remains under pressure but with a good growth outlook. | 08 July 2024

08 July 2024, USD/JPY

USD/JPY. The price remains under pressure but with a good growth outlook.

The dollar, which had been confidently controlling the situation in this trading pair, has been under pressure and slowly retreating for the past two days. For now, this looks like a corrective pullback, so it’s too early to talk about a trend reversal. Most likely, buyers will soon become active again and push the price back to its highs or even to new highs. This assumption is based on the idea that the development of wave (5) of the upward impulse is continuing, within which the third wave is forming. The expected trajectory is schematically shown on the chart. How it will actually unfold will become clear soon. For now, it is recommended to stay out of any trading positions and observe the developments from the sidelines, waiting for a good signal to appear.
Investment idea: Flat.
Bob Stan
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