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USD/JPY. Bearish trend is gaining traction.

USD/JPY. Bearish trend is gaining traction. | 17 December 2024

17 December 2024, USD/JPY

USD/JPY. Bearish trend is gaining traction.

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.
Bob Stan
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