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USD/JPY. The price may begin an impulse decline.

USD/JPY. The price may begin an impulse decline. | 09 May 2024

09 May 2024, USD/JPY

USD/JPY. The price may begin an impulse decline.

The dollar continues to slowly return to its price highs. However, at the moment, this recovery is viewed as a correction, so buyers are unlikely to fully achieve their intended goals. Very soon, pressure may begin to exert itself on the price, leading to a reversal.
Moreover, the situation for entering sell positions looks quite promising. It is expected that the movement will be of an impulsive nature and could reach the level of 127.30.
This is indicated by the previously formed ending diagonal triangle. After the development of this pattern, the price typically moves at least an equal distance.
Thus, it seems reasonable to consider selling at the current levels.
Investment idea: Sell at 155.55, with a stop loss at 155.75, and a take profit at 146.50.
Bob Stan
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