02.09.201902:48 Forex Analysis & Reviews: Trading plan for USD/JPY for September 02, 2019

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Technical outlook:

The EUR/USD pair dropped to fresh lows on Friday at 1.0963 before pulling back. We have presented a compressed chart view of the 4H chart to highlight a potential ending diagonal wave structure. The conditions are fulfilled for a potential reversal for EUR, though another decline is also in place. It would be a safe trading strategy to build long positions from the current price at 1.0989 with a risk below 1.0900. Please note that the scenario is still valid for another low at 1.0930 going forward. Conservative traders are advised to wait until those levels are hit. Immediate price resistance is seen through 1.1165 for now. A break of this level would confirm that a meaningful low is in place. Please note that the counter trend rally has got the potential to push through 1.1400-1.1500 levels going forward. We shall bring updates in the wave structure as price action unfolds.

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