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16.07.202010:35 Forex Analysis & Reviews: Trading idea for the USD/JPY currency pair

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Good afternoon traders! Here is a trading idea for the USD / JPY pair.

The movement towards the level of 106 is considered a part of the wave pattern this month.

Daily chart (D1):

It is also present on the hourly chart, in which there is now a 50% pullback.

Hourly chart (H1):

Because of this, open short positions to lower the pair, and take profit when the quote breaks out of 106. Cancel the scenario if yesterday's initiative is broken.

In addition, always remember to control the risks when trading to avoid losing profit.

Good luck!

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