USD/JPY. Bearish trend is gaining traction. | 17 December 2024
17 December 2024, USD/JPY
The USD/JPY pair has demonstrated signs of weakness, returning to the previous level of 61.8% according to the Fibonacci Retracement Indicator. This reinforces the bearish sentiment, suggesting that the market is gearing up for a downward movement.
The ongoing correction phase points to a possible continuation of the downward trend, giving traders a chance to enter sell positions at the current market level of 155.20, with a stop loss of 157.05, aiming for a profit of 145.00.
These indicators suggest that the market is ripe for a bearish continuation, presenting a favorable environment for traders seeking short-term profit opportunities.
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.
