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USD/JPY. Sellers Give Buyers a Chance to Catch Their Breath.

USD/JPY. Sellers Give Buyers a Chance to Catch Their Breath. | 05 Agosto 2024

05 Agosto 2024, USD/JPY

USD/JPY. Sellers Give Buyers a Chance to Catch Their Breath.

The yen is aggressively attacking the dollar, repeatedly setting new local lows. Short pauses for minor corrective pullbacks are followed by another active phase of decline. This likely indicates the formation of a downward impulse wave, where the work on wave 3 is currently underway or already completed.
This means that the downward movement has not yet exhausted all its resources and potential. In the near future, a corrective pullback is expected to form wave 4, after which the downward movement will resume, forming the final wave 5.
Afterward, opportunities for buying in a corrective rise can be sought. For now, it is recommended to start closing previously opened short positions and simply observe the beginning of the correction in the presumed fourth wave.
Investment idea: flat.
Bob Stan
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