Elliott waves analysis – 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.