USD/JPY. The Beginning of an Impulsive Decline. | 19 July 2024
19 July 2024, USD/JPY
During the last trading day, the formation of a descending impulsive wave in the USD/JPY pair likely concluded. This might be just the beginning of a significant and prolonged bearish movement. In the near term, we can expect a corrective pullback, which may take the form of a simple zigzag.
This presents a very good opportunity for entering sell trades with substantial potential. Sell trades can be opened when the price reaches the maximum of wave 4 of the previously formed descending impulse or when breaking the minimum established by wave 5. The first scenario offers much higher potential returns.
Investment idea: sell 158.50, stop loss 158.80, take profit 151.75.
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.
