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08.02.202309:35 Forex Analysis & Reviews: Trading tips for USD/JPY

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Exchange Rates 08.02.2023 analysis

Following a strong momentum caused by the latest data on US employment, USD/JPY bounced back, thanks to the speech of Fed Chairman Jerome Powell.

Exchange Rates 08.02.2023 analysis

Now, there is a three-wave pattern (ABC) in which wave A represents the buying pressure in the market. Traders can enter by buying from the 50% retracement level, with stop-loss set at 128.300. Exit by taking-profit on the breakdown of 133 and 136.

This plan is based on the "Price Action" and "Stop Hunting" methods.

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

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75.02% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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