USD/JPY. Dollar attempts to regain lost ground. | 15 July 2024
15 July 2024, USD/JPY
The Japanese yen has capitalized on the weakness of the dollar. A situation that previously seemed stable and fully under the control of the dollar has suddenly changed. Selling pressure led to a sharp decline, and buyers had to exert significant effort to quickly halt the rapid fall in price.
This currently appears to be a corrective wave 4 in the forming upward impulse. If this is indeed the case, then rebounding from the marked trend line, the price will rise again, forming the final wave 5, after which it will definitively reverse and enter a prolonged corrective decline.
Therefore, cautious buying is recommended, moving the stop loss to a break-even point at the earliest opportunity.
Investment idea: buy at 158.10, stop loss at 157.85, take profit at 162.00.
The author's opinion reflects their personal view and is not an investment recommendation. The company is not responsible for any trading results based on the provided analytical data.
