USD/JPY. Resumption of downward movement is expected.
USD/JPY. Resumption of downward movement is expected. | 10 May 2024
10 May 2024, USD/JPY
During the previous trading day, there weren't any significant changes in the USD/JPY pair. The dollar is attempting to hold its ground at current levels, but its strength is diminishing. While a brief pause and a continuation of the uptrend cannot be ruled out, overall, the initiative lies with the sellers, and the current bounce is viewed as a correction.
During today's trading session, the downward movement may resume, aiming to form the third wave of the emerging downward impulse at a lower time frame. It's important to be prepared for this scenario. Opening sell positions is recommended below the 154.70 level.
Investment idea: Sell at 154.70, with a stop loss at 155.00, and a take profit at 140.00.
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