USD/JPY. Price continues to develop a corrective structure. | 03 September 2024

The situation for the considered pair is unfolding according to the previously proposed wave scenario. The high volatility observed in July has gradually subsided. The price is now in a state of equilibrium with clear boundaries within which the corrective structure is developing. Currently, trading is in the middle of this range. The movement is coming from the lower part, indicating a high probability that buyers will attempt to push the price to a local maximum. However, a minor retracement is likely to occur first, roughly as schematically indicated on the provided chart. Therefore, it is recommended to wait for the completion of this retracement movement and consider buying near the local price peak. Until then, it is advisable to stay out of the market and wait. Investment idea: flat.