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USD/JPY. Signals for a bearish third wave are in place.

USD/JPY. Signals for a bearish third wave are in place. | 16 December 2024

16 December 2024, USD/JPY

USD/JPY. Signals for a bearish third wave are in place.

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.
Bob Stan
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