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USD/JPY. The Development of Corrective Wave 4 Continues.

USD/JPY. The Development of Corrective Wave 4 Continues. | 29 July 2024

29 July 2024, USD/JPY

USD/JPY. The Development of Corrective Wave 4 Continues.

The situation for the pair is unfolding as expected. It appears that a correction, which is part of wave 4 of the downward impulse, is forming. Currently, this wave seems incomplete. During the day, the price may rise slightly again and reach the local maximum, as schematically indicated on the attached chart.
Afterward, the price is expected to decline again and update the current price minimum. This decline will form as wave 5 of the same downward impulse.
Therefore, while the corrective wave is still developing, it is recommended to refrain from making any trading decisions.
Investment idea: flat.
Bob Stan
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