USD/JPY: A Bullish Rally Meets Resistance - A Short Opportunity
The USD/JPY is currently experiencing a bullish rally within a downtrend main trend. In the recent hours, the price has retested the resistance level at 139.600, which coincides with the Fibonacci retracement level of 61.8%. This level could potentially act as a barrier for the price to continue its rally and prompt a reversal back in the direction of the main downtrend, indicating a short opportunity.
As traders, we are keeping a close eye on this situation and looking for an opportune moment to enter a short position in anticipation of the price reversing and continuing its downward movement. It's crucial to stay vigilant and act swiftly when the right conditions align to make the most of this potential trading opportunity.
As traders, we are keeping a close eye on this situation and looking for an opportune moment to enter a short position in anticipation of the price reversing and continuing its downward movement. It's crucial to stay vigilant and act swiftly when the right conditions align to make the most of this potential trading opportunity.
