FX.co ★ Tips for trading USD/JPY

USD/JPY dipped in price as soon as the Asian trading session started. This prompted a breakdown, from which a third wave may pass, hitting two target levels.

So, considering the three-wave pattern (ABC), where wave A represents the downward movement this morning, market players could sell the pair up to the 50% retracement level.

Set stop-loss at 146.564 and take-profit at the breakdown of 145.654 and 145.

The trading idea came from the framework of the "Price Action" and "Stop Hunting" strategies.

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