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Trading idea for the USD/JPY pair

Trading idea for the USD/JPY pair

Last week's trading recommendation was to work for a price increase in the USD / JPY pair .

The plan involved completing the wave pattern (ABC) on the daily chart, which formed amid positive news on Pfizer's COVID-19 vaccine.

The pair's bullish impulse waves were arranged like this:

Trading idea for the USD/JPY pair

In the plan, the initial risk was the monthly low. But now, due to the strong data on US PMI, it should decrease according to the scenario below:

Trading idea for the USD/JPY pair

Target profit will remain the same, that is, a quote of 105.6.

Price Action and Stop Hunting were used for this trading strategy.

Good luck!

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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