USD/JPY. Expectations of a price decline remain. | 10 October 2024
10 October 2024, USD/JPY
Having reached the local level of resistance, which is the maximum of the supposed wave W, the price attempted to move down, but the resulting insignificant movement was quickly bought back, and the local maximum was updated.
However, sellers are unlikely to settle down on this. The current situation remains favorable for the beginning of a downward movement. Therefore, in the near future, the price may still grow slightly, after which the movement vector will reverse and the long-awaited impulsive decline will begin, which will be aimed at the minimum set by wave X.
But even this may only be the beginning, in general, the situation is expected to experience a significant decline within the framework of the development of a large impulsive structure. For this reason, it is recommended to try selling again.
Investment idea: sell 148.50, stop loss 148.80, take profit 140.20.
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.
