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01.04.2022 02:15 PM
Trading tips for USD/JPY

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USD/JPY underwent a correction, immediately after the strong rally prompted by the Bank of Japan's soft monetary policy. It entered a good area for sell positions and showed a clear lower limit at 121.2.

Today's US unemployment report will most likely add volatility to the US dollar.

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Since there is a three-wave (ABC) pattern in the pair, with wave A representing the selling pressure last May 29, traders can open short positions up to the 50% and 61.8% retracement levels of 122.7-123.2. Set stop loss at 124.5 and take profit on the breakdown of 121.2.

The trading idea is based on the Price Action and Stop Hunting strategies.

Good luck and have a nice day!

Andrey Shevchenko,
Analytical expert of InstaForex
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