FX.co ★ Trading idea for the USD/JPY pair

The USD/JPY pair currently shows a downward trend, moving closely to the low (104) of this month, which is based on the trading idea to decline last Wednesday.

There was a deep pullback yesterday during the European and US trading session, which was almost completely absorbed by the short action from the Asian session.

Thus, it is suggested to consider the idea of of declining further with the goal of breaking through the level 104 according to the next plan:

Here, the short action from the Asian session will be taken for the wave "A". After that, we will sell it with a pullback of 50%. Risks, in turn, is located at 104.7, while take profit is at 104.

The methods of "Price Action" and "Stop Hunting" were used for the strategy.

However, controlling the risks in order to avoid losing profit is necessary. We should note that trading in this market is quite precarious and unpredictable, although profit can still be earned as long as the right techniques are used.

Good luck everyone!