USD/JPY. The situation remains unchanged. | 09 July 2024

Over the past trading day, the situation has remained virtually unchanged. The price continues to be under pressure from the Japanese yen and is slowly declining, which is still seen as a corrective pullback. The price may drop a bit further before buyers re-engage and push the price back to the previously established maximum and beyond. This movement will be driven by the development of wave 3 of (5). However, it's not advisable to rush into trading decisions just yet. As previously mentioned, the price might decline a bit more. In this scenario, the anticipated growth may begin closer to the end of the current week. For now, it is recommended to observe the situation from the sidelines.