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Forex Analysis & Reviews: Trading tips for USD/JPY
time 09.12.2022 09:21 AM
time Relevance up to, 23.12.2022 06:10 AM

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The bearish trend in USD/JPY broke as soon as the quotes hit 136. However, after a sharp rise, the pair went back to the 50% retracement level.

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The current situation presents a great opportunity to open long positions, especially since there is a three-wave pattern, in which wave A represents the bullish pressure this week. This means that traders can enter the market by buying from the 50% retracement level or from a false breakdown of 136, then set stop-loss at 134 or after the false breakout of 136. Exit by taking profit upon a breakout around 138.0 and 142.5.

This trading idea is based on the "Price Action" and "Stop Hunting" methods.

Good luck and have a nice day! Don't forget to control the risks.

Andrey Shevchenko,
Chuyên gia phân tích của InstaForex
© 2007-2023
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US Dollar vs Japanese Yen
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