USD/JPY. The Bearish Impulse Continues. | 02 August 2024
02 August 2024, USD/JPY
No significant changes occurred during the last trading day. Following a fairly active decline, the market entered a relative lull, likely due to the development of corrective wave 4.
If this is indeed the case, we may soon see an attempt to rise, which will likely fail. The price will then resume its decline and break the current local minimum. This will form the final wave 5 in the presumed downward impulse with an extended wave 1.
Therefore, it is recommended to wait for the completion of this impulse before looking for opportunities to enter long positions. Until then, it is advisable not to engage in any active trading.
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