USD/JPY. Possible Resumption of the Downtrend. | 09 August 2024
09 August 2024, USD/JPY
As anticipated, the activity in the analyzed trading pair has started to decline. Price movements have become smaller, and no significant price levels have been updated. It is likely that a correction is forming, which is wave 4.
However, given the rapid development of the downward impulse, a prolonged pause in a sideways movement is unlikely. The price will probably start to fall actively again soon, forming the final wave 5 and completing the entire downward impulse.
Therefore, it is worth trying to sell at the current market levels. Additionally, the price is near the local maximum established by the corrective upward movement. There is a high probability that sellers will react at this level again.
Investment Idea: Sell at 147.20, stop loss at 147.50, take profit at 144.40.
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