USD/JPY. Signals for a bearish third wave are in place. | 16 December 2024
16 December 2024, USD/JPY
The USD/JPY pair experienced a significant spike in the last trading session, bringing the price to 61.8% of the previous downtrend. This bounce back is indicative of the completion of the correction phase, suggesting that the market is preparing for a bearish continuation in the third impulse wave.
This creates a favorable setup for traders to enter short-term sell positions. The anticipated decline is expected to be substantial, offering a good risk-reward ratio. Hence, traders can consider entering sell positions at the current market level.
Investment Idea: sell 151.80, stop loss 152.10, take profit 140.00.
The author's opinion reflects their personal view and is not an investment recommendation. The company is not responsible for any trading results based on the provided analytical data.
