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USD/JPY. Expected Growth within Correction

USD/JPY. Expected Growth within Correction | 16 August 2024

16 August 2024, USD/JPY

USD/JPY. Expected Growth within Correction

After the significant upheavals caused by the sharp strengthening of the Japanese currency, the dollar is gradually stabilizing and attempting to regain lost ground. For now, this seems more like a correction, and it is quite likely to be just that. Before resuming the downward movement, the price may rise a bit more. It also appears that the initial downward impulse may have fully formed. Thus, the current rise can be viewed as a correction, which may take some time to develop and could be quite prolonged.
Simplified, the situation is as illustrated on the accompanying chart, although the actual internal structure might be more complex. In the current scenario, it is worth considering the possibility of entering buy trades at current market levels with a modest target.
Investment Idea: Buy at 148.70, stop loss at 148.45, take profit at 150.50.

Bob Stan
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