USD/JPY: Correction Before Further Decline Continues.
USD/JPY: Correction Before Further Decline Continues. | 07 June 2024
07 June 2024, USD/JPY
As anticipated, the price has started to get caught up in a correction. The initial minor decline was quickly bought up halfway. Now, we are likely to see movement within a certain price range, with the eventual breakout expected to be downward.
The anticipated decline is driven by the beginning of wave (3) in the emerging bearish movement. The potential for this move is quite significant, although the Japanese yen continues to struggle to find the right momentum against the dollar. Each strong attack by yen supporters is met with swift counteractions, bringing the price back to its starting position.
Ultimately, a directed movement will occur.
The signal for selling will be the break of the current local minimum.
Investment Idea: Sell at 154.40, stop loss at 154.70, take profit at 146.00.
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