USD/JPY: Impulsive Decline Expected to Resume | 17 May 2024
17 May 2024, USD/JPY
Buyers continue trying to return to the previously established maximum and possibly surpass it. Another strong bearish wave was bought up. However, this appears to be forming a corrective structure, which is not in favor of the buyers.
Throughout the day, the price may increase slightly. Then, sellers are likely to apply significant pressure, potentially leading to a substantial decline. This suggests the development of the third wave in the emerging downward impulsive movement.
It is recommended to open sell trades in this situation upon breaking the 153.55 level.
Investment Idea: Sell at 153.55, stop loss at 153.80, take profit at 140.00.
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.
