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10.08.202009:40 Forex Analysis & Reviews: Trading idea for the USD/JPY pair

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Good afternoon traders! A trading idea for the USD / JPY pair.

On Friday, good data on the US labor market came out, which raised the dollar's position against other currencies, including the yen.

It raised the demand for the US currency, so the USD / JPY pair closed with a bullish absorption at the daily (D1) TF.

To continue the rise of the trading instrument, follow the scheme presented below:

As we can see in the chart (D1 TF), the quotes have formed a large Elliot Wave.

However, inside the hourly (H1) TF, there forms a small wave pattern as well.

The basis of the small wave impulse is the recent Non-Farm Payrolls report.

We suggest trading long positions to complete it, moreso since it would provide much more profit.

Needless to say, controlling the risk is of utmost importance, as doing so would avoid losing or reducing profit.

Price Action and Stop Hunting strategies are used as the framework of this idea.

Good luck!

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