Trading idea for the USD/JPY currency pair

Posted On 16 Jul 2020

By : InstaForex

Comment: 0

Tag: USD/JPY

Good afternoon traders! Here is a trading idea for the USD / JPY pair.

The movement towards the level of 106 is considered a part of the wave pattern this month.

Daily chart (D1):

It is also present on the hourly chart, in which there is now a 50% pullback.

Hourly chart (H1):

Because of this, open short positions to lower the pair, and take profit when the quote breaks out of 106. Cancel the scenario if yesterday’s initiative is broken.

In addition, always remember to control the risks when trading to avoid losing profit.

Good luck!

The material has been provided by InstaForex Company – www.instaforex.com

Source:: Trading idea for the USD/JPY currency pair

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