USDJPY – Zigzag formed, decline resumes

04.08.2023

The price failed to continue the growth. Having slightly updated the local maximum, it sharply turned around and went down, leaving behind a spike, which can remain the most outstanding success of buyers for a long time.

Probably, in this way the development of the correction, which takes the form of a simple zigzag and is wave 2 in the incipient downward impulse, was completed. Then during today’s trading session the sellers will try to build on their success and push the price much lower. The movement is expected to be strong and prolonged, so it is worth looking at the possibility of making sell deals at the current market values.

Recommendations: Sell 142.60, SL 142.85, TP 137.20.