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USD/JPY. The price continues preparing for the resumption of the downtrend.

USD/JPY. The price continues preparing for the resumption of the downtrend. | 01 October 2024

01 October 2024, USD/JPY

USD/JPY. The price continues preparing for the resumption of the downtrend.

The current wave situation at the moment appears as an attempt to exit the correction, which may have already ended, taking the form of a zigzag. The sharp decline after the development of wave C may be the beginning of the next downward phase of movement. However, there is currently a fairly active growth, but it is likely to be corrective in nature.
This correction may continue for some time. The possible movement scheme is indicated on the graph. Ultimately, an impulsive movement is expected, during which the minimum set by wave B will be updated, and a new bearish extreme may form at a rather large distance from this.
However, there are no clear entry points for deals yet, so it is recommended to observe the development of the situation from the outside.
Investment idea: flat.
Bob Stan
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