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USD/JPY. The situation remains unchanged.

USD/JPY. The situation remains unchanged. | 12 November 2024

12 November 2024, USD/JPY

USD/JPY. The situation remains unchanged.

The reluctance of the price to go down begins to raise certain doubts about the correctness of the wave scenario under consideration. Each attempt at a decline triggers a strong reaction from buyers, leading to a quick buyback and the price returning to the starting point of the downward movement.
Now, we see how the rebound from the 61.8% Fibonacci level has started to play out quickly. For now, this rebound can be viewed as a correction in an emerging downward impulse. However, it is not worth opening sell transactions based on this assumption. It is necessary to wait for confirmation in the form of a price decline, during which the local minimum formed during yesterday’s trading session will be broken.
Investment idea: sell 152.00, stop loss 152.25, take profit 140.00.
Bob Stan
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