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USD/JPY. Expecting a Decline within the Emerging Correction.

USD/JPY. Expecting a Decline within the Emerging Correction. | 08 August 2024

08 August 2024, USD/JPY

USD/JPY. Expecting a Decline within the Emerging Correction.

The price did not continue its recovery attempts, possibly having spent significant energy on the recent rise. The dollar is once again starting to weaken. This likely indicates the beginning of a stabilization phase. The opposing forces seem to be temporarily at a truce, with market volatility slowing down.
This situation appears to be the formation of a corrective wave, likely the fourth wave in a downward impulse. It's important to remember that the final move will likely be in favor of the sellers, and we may see a new low.
Currently, as the price is at the highs of the forming correction, it's possible to cautiously enter a sell position at the current market levels.
Investment Idea: Sell at 146.50, stop loss at 146.80, take profit at 144.00.
Bob Stan
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