Tuesday, October 3, 2023
USD/JPY dropped by 2,700 pips in just 2 minutes during the US session.
After some time, it recovered more than half, providing favorable prices for short positions. This can be used to continue the development of the third downward wave in the pair.
Looking at the three-wave pattern (ABC), where wave "A" represents today's downward momentum, traders could consider short positions from current prices until the short break (shown in blue) indicated in the chart above. Set stop-loss at 150.16 and take-profit upon the breakdown of 147.32.
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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