empty
 
 
31.08.2020 12:36 PM
USD/JPY: price pulls back 61.8% Fibonacci

This image is no longer relevant

An absorption has formed on the daily chart last Friday, due to which price pulled back 6.18% Fibonacci, which made short positions profitable in the market.

Daily chart (D1 TF):

This image is no longer relevant

Hourly chart (H1 TF):

This image is no longer relevant

In fact, the impulse created an Elliot Wave in the price chart, which may be completed with short positions set from price level 105.10 to price level 106.5.

Such follows the strategy of classic Price Action and Stop Hunting methods, and has a profitability of 1: 1.

Of course, controlling the risks is needed in order to avoid losing profit. Thus, best of luck and have a nice day!

Andrey Shevchenko,
Analytical expert of InstaForex
© 2007-2025
Summary
Urgency
Analytic
Andrey Shevchenko
Start trade
Gagnez sur les variations du cours des cryptomonnaies avec InstaForex.
Téléchargez MetaTrader 4 et ouvrez votre première transaction.
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $6000 more!
    In December we raffle $6000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback