FX.co ★ Tips for trading USD/JPY

Following a brief decline earlier this month, USD/JPY bounced up, providing good prices to enter short positions. The first one could be the 50% retracement from 145-137, while the second one could be the breakout of 144. Meanwhile, long positions could be opened upon the breakdown of 139.3.

All of this should be done within the framework of the three-wave (ABC) pattern. An exception can be made at the 50% retracement level, as the risk lies behind the impulse.

The trading idea came from the "Price Action" and "Stop Hunting" methods.

Good luck in trading and don't forget to control the risks! Have a nice day.