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

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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.

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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