FX.co ★ Trading plan for USD/JPY for August 30, 2019

Technical outlook:

Please note that within the 5th wave, wave iv might have carved out around 106.35/36 levels, and prices should rally through 106.80/107.00 levels to complete wave 5 and also take out immediate price resistance as depicted on chart. Once these 5 waves are done, a leading diagonal could be in place, and one can expect Wave (2) retracement lower. Trading opportunities are seen both sides with immediate rally post 106.85/107.00 levels. Then I expect a potential bearish reversal lower towards the fibonacci 0.618 of the entire rally through 104.45 and 106.80/107.00 as Wave (2) is unfolding. We would bring in scenarios here as trade opportunities unfold. Immediate price resistance is seen at 106.85/107,00 which should be targeted by bulls in short term, before producing a meaningful correction.

Trading plan:

Aggressive traders go long now, stop stop below 104.45, target is open.

Good luck!