Here is a trading idea for the USD/JPY pair.
According to our trading recommendation on February 24, the pair continues to develop bullish momentum in an attempt to test new yearly highs.
Today, a new 3-wave impulse pattern has been formed on the chart. It will allow traders to test the level of 116.388 with minimal risks.
In fact, we have a 3-wave ABC structure at the moment where wave A represents the bullish trend initiated last week. I recommend opening long positions after a pullback from the current levels according to the scheme presented in the screenshot above. You can set a Stop Loss at 114.7 and take profit on a breakout of 116.388. This trading idea is based on the Price Action and Stop Hunting methods.
Have profitable trading and minimize your risks!
