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25.11.202011:58 Forex Analysis & Reviews: Trading idea for the USD/JPY pair

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Exchange Rates 25.11.2020 analysis

Last week's trading recommendation was to work for a price increase in the USD / JPY pair .

The plan involved completing the wave pattern (ABC) on the daily chart, which formed amid positive news on Pfizer's COVID-19 vaccine.

The pair's bullish impulse waves were arranged like this:

Exchange Rates 25.11.2020 analysis

In the plan, the initial risk was the monthly low. But now, due to the strong data on US PMI, it should decrease according to the scenario below:

Exchange Rates 25.11.2020 analysis

Target profit will remain the same, that is, a quote of 105.6.

Price Action and Stop Hunting were used for this trading strategy.

Good luck!

Andrey Shevchenko
Analytical expert of InstaForex
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