USD/JPY. The corrective rise is expected to end soon. | 08 May 2024
08 May 2024, USD/JPY
The dollar fully took advantage of the opportunity presented by the level that previously acted as resistance but turned into support after being broken. The price bounced nicely off it, but this is likely not enough to renew the current maximum.
The rise likely has a corrective nature, indicating that the strength of buyers will begin to diminish soon. This could lead to the start of the next wave of selling, which may be even stronger and longer-lasting.
Such a movement is consistent with the development of a downward impulsive wave.
Therefore, it's necessary to be patient and wait for a sell signal to appear. Until then, staying out of the market and observing developments from the sidelines is advisable.
Investment idea: Flat.
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.
