USDJPY: Watch for buying between 114.400/300 by Reece Marini

USDJPY H1

UJ1

Elliott Wave and Gann traders that are looking to add to current positions or those that are looking to re-enter the current trend in USDJPY will have a close eye on the 1:1 (Yellow) and 1:1 (Blue) at 114.400/300. These levels are currently offering support coming into the London session and if they can continue to attract buying interest the stops above today’s high will be targeted.

Buying around 114.400/300 with a tight stop below 114.100 could offer a great risk reward trade for those looking to re-enter this trend.

  • A 1:1 refers to a current correction being equal in length to a prior correction

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