For Traders

Analytical Reviews

Trading plan

15.08.202209:29 Forex Analysis & Reviews: Trading tips for USD/JPY

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.

After a long growth and significant correction, USD/JPY is poised for further price increase, but there are certain prerequisites for it.

1. A false breakdown of the support level of 131.5, followed by a solid buying pressure;

2. A pin bar that is within the bullish trend.

Currently, the pair has a small ABC pattern inside a much larger ABC pattern. This points to a possible increase in quotes.

And considering that recent price movements form a three-wave pattern (ABC), where wave A represents the bullish pressure on August 11-12, traders can enter the market by buying from current prices up to the 61.8-50% retracement levels. Set stop loss at 131.7 and take profit on the breakdown of 135.6 and 139.5.

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

Good luck and have a nice day!

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.