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USD/JPY. The price might enter a slight correction.

USD/JPY. The price might enter a slight correction. | 04 July 2024

04 July 2024, USD/JPY

USD/JPY. The price might enter a slight correction.

While there are some intrigues with the major European currencies traded against the dollar, the situation here remains quite calm. The Japanese yen made a weak attempt to pressure its counterpart, but nothing significant came of it. Most likely, we will see a slight pullback or sideways movement, after which the upward movement will resume. It is still assumed that the current growth is impulsive and driven by the development of wave 3 of (5). The potential trajectory is indicated on the accompanying chart. Nothing particularly interesting is expected for now, so a possible slight pullback in the price can be considered for more advantageous buying opportunities.
Investment idea: Buy at 160.00, stop loss at 159.75, take profit at 163.50.

Bob Stan
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