Trading idea for USD/JPY

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Good afternoon traders! Here is a trading idea for the USD / JPY pair.

After a month-long decline in April, quotes arose and broke 1,500 pips on May 8 and 11. Consider this impulse as wave A of the classic ABC structure, which can move the pair to area of the sellers' stops, located at the level of 108:

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The pair is currently trading in the pullback level of 61.8. The range between 61.8 and 38.2 (an average of 50) is an ideal zone for setting limit purchases, or searching for entry from lower time frames in order to hold positions up to 108.

Good luck in trading and control the risks!

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