In the last hour's candle after the ADP Non-Farm Employment Change Index was released, USDJPY(
USDJPY) started to fall, but considering the position of this pair, I think we can have a good Risk-To-Reward even if the Stop Loss (SL) is touched.
USDJPY is trading near the lower line of the ascending channel and the Support zone(143.870 JPY-143.430 JPY).
From an Elliott Wave perspective, USDJPY appears to be completing a corrective pattern.
I expect USDJPY to rise at least to the Potential Reversal Zone(PRZ)[145.430 JPY-144.780 JPY].
Note: Stop Loss = 143.220 JPY
Please respect each other's ideas and express them politely if you agree or disagree.
U.S. Dollar/Japanese Yen Analyze (USDJPY), 1-hour time frame.
Be sure to follow the updated ideas.
Do not forget to put a Stop loss for your positions (For every position you want to open).
Please follow your strategy and updates; this is just my Idea, and I will gladly see your ideas in this post.
Please do not forget the ✅' like'✅ button 🙏😊 & Share it with your friends; thanks, and Trade safe.
USDJPY) started to fall, but considering the position of this pair, I think we can have a good Risk-To-Reward even if the Stop Loss (SL) is touched.USDJPY is trading near the lower line of the ascending channel and the Support zone(143.870 JPY-143.430 JPY).
From an Elliott Wave perspective, USDJPY appears to be completing a corrective pattern.
I expect USDJPY to rise at least to the Potential Reversal Zone(PRZ)[145.430 JPY-144.780 JPY].
Note: Stop Loss = 143.220 JPY
Please respect each other's ideas and express them politely if you agree or disagree.
U.S. Dollar/Japanese Yen Analyze (USDJPY), 1-hour time frame.
Be sure to follow the updated ideas.
Do not forget to put a Stop loss for your positions (For every position you want to open).
Please follow your strategy and updates; this is just my Idea, and I will gladly see your ideas in this post.
Please do not forget the ✅' like'✅ button 🙏😊 & Share it with your friends; thanks, and Trade safe.
Trade closed: stop reached
The DXY index started to decline after the ISM Services PMI came in below expectations.Actual: 49.9
Forecast: 52.0
Previous: 51.6
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.