USDJPY - BUY STOP - 24th May 2022




USDJPY - BUY STOP - 24th May 2022 (Closed)


Good morning team,

 

The USDJPY wicked down and took our SL on the pip. However, the higher low is giving us the green light to re-load the position. The previous analysis regarding a corrective rally is still valid as we can count an ABC decline, with 5 sub-waves in wave C. Wave A on the larger degree has possibly completed, and a corrective counter-trend should now occur which would set up wave B on the larger degree. Once the wave B counter-trend has completed there is a possible short trade opportunity from the 129.30 resistance zone. We will see how this unfolds over the coming days.

USDJPY 1 Hour Chart

 

Trade Setup: BUY STOP, execution price 127.82, stop loss 127.16 and take profit 129.22.

Stop loss: 66 pips

Take profit: 141 pips

Trade Setup
BUY STOP

Entry
127.82

Take Profit
129.22

Stop Loss
127.16