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USD/JPY. Decline in the Fifth Wave of the Downward Impulse.

USD/JPY. Decline in the Fifth Wave of the Downward Impulse. | 31 July 2024

31 July 2024, USD/JPY

USD/JPY. Decline in the Fifth Wave of the Downward Impulse.

The situation for the USD/JPY pair is developing according to the previously considered wave scenario. The price attempted to rise, but sellers quickly and effectively pushed the price down, reaching the previously established local minimum.
Here, buyers might try to counter, which could lead to a temporary halt in the downward movement. However, eventually, the minimum is expected to be updated. This is due to the formation of wave 5 in the developing downward impulse. After this, the price might either enter a prolonged sideways movement or make a significant upward correction.
In any case, the current situation remains favorable for entering sell trades, and it is recommended to take full advantage of this opportunity.
Investment idea: sell at 152.70, stop loss at 153.00, take profit at 151.00.

Bob Stan
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