USD/JPY. Decline Within Corrective Wave. | 26 July 2024
26 July 2024, USD/JPY
The dollar has managed to cool down the momentum of the Japanese yen and halt the strong downward movement. However, this is likely temporary. The decline is presumed to be impulsive, with the formation of wave 3 currently complete. Thus, the halt and the observed bounce are corrective in nature and represent wave 4.
If this is the case, some time will be spent further forming the indicated wave. After that, the downward movement will resume, and the current local minimum will be updated.
Therefore, it is recommended to observe the situation from the sidelines or cautiously sell in anticipation of the development of the final wave 5 of the downward impulse.
Investment idea: sell at 153.60, stop loss at 153.85, take profit at 152.00.
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