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07.03.202310:42 Forex Analysis & Reviews: Trading tips for USD/JPY

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Exchange Rates 07.03.2023 analysis

USD/JPY closed with a slowdown last week, probably indicating the end of the bullish correction and the start of a large-scale price decrease in the pair.

Exchange Rates 07.03.2023 analysis

On the 4-hour chart, traders can clearly see the support level of 135.3, behind which is where buyer liquidity has accumulated. This opens the way for a breakdown of 133.4.

Exchange Rates 07.03.2023 analysis

In fact, there is already a three-wave (ABC) pattern, in which wave "A" represents the bearish pressure last week. Traders can enter the market by selling from the 50% retracement level, with stop-loss set at 137. Exit by taking profit upon breakdown of 135.3 and 127.0.

This trading idea is based on the "Price Action" and "Stop hunting" methods.

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

Andrey Shevchenko
Analytical expert of InstaForex
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