05.08.202010:38 Forex Analysis & Reviews: Trading idea for the USD/JPY pair

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Good afternoon traders!

On Friday, a strong impulse occurred on the USD / JPY pair, which raised its value by more than 2,000 pips. However, over the past two days, the quote retracted 61.8% Fibonacci, so the plan now is to complete the ABC wave pattern, where the July 31 impulse serves as wave "A" in the chart.

Open long positions for an increase, between 61.8% and 50% Fibonacci, and take profit when the quote reaches a price level above 106.5.

Cancel the plan if the quote breaks out of the level 104.2.

This trading idea is presented, on the grounds of the Price Action and Stop Hunting strategies.

Good luck!

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