FX.co ★ Trading tips for USD/JPY

USD/JPY pulling back exactly at the 64.8% retracement level in D1 opens the way for a 10,000 pip decline in the pair.

There is also a reversal in H1, from which traders can try selling according to this pattern:

As there is a three-wave (ABC) pattern, in which wave A represents the bearish pressure yesterday, traders can enter the market by selling according to the picture above. Set stop-loss at 137, and then exit by taking-profit upon the breakdown of 135.7, 133.9 and 127.

The trading idea is based on the "Price Action" and "Stop hunting" methods.

Good luck and have a nice day! Don't forget to control the risks.