USD/JPY. Growth Within the Correction | 20 August 2024
20 August 2024, USD/JPY
As anticipated, the USD/JPY pair is entering a corrective phase. After an unsuccessful attempt to rise, the price is now under pressure from the Japanese yen, leading to a downward movement. However, it is unlikely that this decline will continue to the point of breaking the minimum set by the presumed wave 5.
Instead, after a slight dip, the price is expected to rise again. Nonetheless, this upward movement will likely be modest, as it is still within the framework of the ongoing corrective phase. Therefore, any trading in this phase should be approached cautiously, with a focus on quickly securing profits.
At the current moment, there is a good opportunity to enter buy positions, and it is recommended to take advantage of this setup.
Investment Idea: Buy at 145.30, with a stop loss at 145.00, and a take profit at 147.80.
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