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14.11.2023 09:42 AM
After updating the weekly low during the US session, USD/JPY fell down, losing 700 pips in just a minute. It currently trades at pullback levels, providing sellers with good prices to form short positions.
Looking at the three-wave pattern (ABC), where wave A represents yesterday's movement, traders could consider taking short positions, with stop-loss set at 151.90. Take profit upon the breakdown of 151.224.
Traders can consider holding shorts until 148.8 and 147.3 in the medium-term.
The trading idea follows the framework of the "Price Action" and "Stop Hunting" strategies.
Good luck in trading and don't forget to control the risks! Have a nice day.
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