Trading idea for the USD/JPY pair

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Good afternoon traders! Happy spring and labor day!

Here's a trading idea for the USD/JPY pair.

A strong bullish impulse at the US session yesterday strengthened the dollar against yen and gold. I suggest viewing the outcome as wave "A" of the classic "ABC" pattern.

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Conduct a long trade to increase quotes to the area of the round level of 108.

Potential movement is more than 1000p. However, the long scenario will be cancelled if yesterday's long impulse is broken down. The idea is medium-term, with the position moving over the weekend, but you can still work on it on Monday, if the prices are favorable.

"Price Action" and "Stop Hunting" methods were used for the trading idea.

Profitability is 1 to 2, but can increase at better call prices.

Good luck!

The material has been provided by InstaForex Company - www.instaforex.com