USDJPY Free Forex Trading Signals – 15th Feb 2017

USDJPY has been bullish on the H4 chart. The pair made a Double bottom at 111.700, and kept making higher highs. Yesterday, the pair produced another huge H4 Engulfing candle. That suggests that the trend is still strong to go towards the North. Let us have a look at the USDJPY H4 chart…

As we can see, that the pair found its resistance at 114.050. The level got broken yesterday. Thus, it is the time for the price to come back at the level and produce an H4 Engulfing candle right there. If we see an Engulfing candle at that level breaching 114.500, then buying USDJPY today should get us some green pips with excellent risk and reward ratio.

Here is a thing to consider though. If we get the breakout from the middle of that Support and Breakout level, then we have to wait for an ABC pattern to buy the pair.

Let us have a look at the summary of the trade

• Buy Stop Order: $114.500
• Stop Loss Level: $114.050
• Take Profit Target: $115.200

Here we see that the pair is up trending. Thus, we might get a breakout from the flip over support or from a temporary support. If we get the breakout from the flip over support, then we take our entry right after the breakout candle finishes. However, if breakout happens from a temporary support, we have to wait for the price to come back at the breakout level and produce an ABC pattern to take long entry. In both cases, the stop loss should be placed below trading day’s lower low.

Comment below if you have questions on this trade and please let us know if you made money if this trade signal. Good luck!

You can also take a look at our previous (and most likely profitable) Free Forex Trading Signals Here.

We hope that you enjoy our Free Forex Trading Signal today:  USDJPY Free Forex Trading Signals – 15th Feb 2017