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22.01.202111:33 Forex Analysis & Reviews: Trading idea for the USD/JPY pair

Exchange Rates 22.01.2021 analysis

An interesting scenario occurred in USD / JPY yesterday, which confirmed the end of the ongoing correction.

Taking this into account, it would be best to work for an increase in price, following this strategy presented below:

Exchange Rates 22.01.2021 analysis

So, since the quotes have formed three wave patterns (ABC), in which wave A is the bullish movement observed at the beginning of this month, it would be ideal to open long positions, the target of which is 104.4, followed by 104.75 and 105.7.

The limit for this transaction is the 23.6 % retracement level, or 103 in particular.

Of course, traders need to monitor risks to avoid losing profit. Trading is very precarious, but also profitable if the approach used is correct.

The strategy above uses Price Action and Stop Hunting methods.

Good luck!

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Andrey Shevchenko,
Analytical expert
InstaForex Group © 2007-2021
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