USDJPY – Corrective wave development continues

21.07.2023

The pair continues to develop correction, which is probably wave 2 in the emerging downward impulse. The value of the dollar is growing uncertainly and at any moment activity on the part of sellers can provoke a sharp decline and the transition to the development of the next impulse wave.

For this reason, it is clearly not worth considering the current situation to make deals to buy. It is also impossible to determine exactly when and how the expected wave 2 will end and what form it will take.

In this regard, it remains only to continue observing the current situation from the outside without taking any active trading actions.

Recommendations: flat.