After a very long buying pressure that started in late January and ended early February, USD/JPY moved to 116.360, which created a very good target for traders.
Considering that there is a three-wave pattern (ABC), where wave A represents the bullish trend at the end of January to the beginning of February, traders can take long positions up to the 50% retracement level of 115. Set stop loss at 114, then take profit on the breakdown of 116.350.
This trading idea is based on the "Price Action" and "Stop Hunting" strategies.
Good luck and have a nice day!
