USD/JPY. Expectations of Impulsive Decline Remain.
USD/JPY. Expectations of Impulsive Decline Remain. | 13 August 2024
13 August 2024, USD/JPY
Contrary to the expectations of a resumption of the downward movement, the price made another attempt to rise and managed to update the local maximum. However, this is barely noticeable on the chart, as all this activity was contained within a single candle, which also saw a reaction from sellers who pushed the price back to the starting point.
Now, the initiative is on the side of the bears, and the current situation remains favorable for them. The anticipated decline could become wave 5 in the downward impulse movement. In this case, the price is expected to move downward again shortly and try to update the minimum established by wave 3 as quickly as possible.
Therefore, entering sell trades at the current price appears to be a promising trading decision.
Investment Idea: Sell at 147.2, Stop Loss at 147.4, Take Profit at 141.50.
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