Saturday February 3 at 2:00 ET
USD/JPY rose yesterday to 121.35 propelled by the US non-farm payrolls volatility. It then sank to 120.93 in either a wave 4 of an upwards wave or a wave 1 of a downwards wave. Either way, we expect a rise to about 121.30 - 121.50 over the next day or two, followed by a fall of about 150 pips to 119.80. If the correct configuration emerges in the entry price zone at about 121.30 - 121.50, a low risk / high reward trade opportunity could emerge.
USD/JPY rose yesterday to 121.35 propelled by the US non-farm payrolls volatility. It then sank to 120.93 in either a wave 4 of an upwards wave or a wave 1 of a downwards wave. Either way, we expect a rise to about 121.30 - 121.50 over the next day or two, followed by a fall of about 150 pips to 119.80. If the correct configuration emerges in the entry price zone at about 121.30 - 121.50, a low risk / high reward trade opportunity could emerge.