The USD/JPY currency pair reached a pivotal high in July 2024 at 161.951, followed by a significant drop to 139.581. We interpret this as wave 1, unfolding through an A, B, and C corrective countertrend. As of 15 November 2024, we estimate that wave C peaked around the 156.7 level.
From here, we project a substantial bearish reversal, with the pair potentially breaking below the 130 level. The invalidation level for this bearish scenario is set at 161.951. Should this resistance hold, traders could anticipate sustained downside momentum. This bearish forecast is supported by technical indicators aligning with broader macroeconomic factors.
Key resistance lies at the 156.7 level, with traders advised to monitor this zone closely. Strategic positioning could offer opportunities for profit while mitigating risks, as this move signals a significant market shift.
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