NZDJPY has been heading towards the North on the H4 chart. The price has been making breakouts after having pullbacks every now and then. It has had another pullback and already had a rejection from a significant level of support. If yesterday’s highest high is breached by an H4 candle, then the buyers of NZDJPY may have another opportunity to go long on the pair. Let us have a look at the H4 NZDJPY chart.
This is another trade idea generated by the Elite Swing Trader.
The H4 chart shows the price has been very bullish. The level of 72.220 which is the highest high of the wave is a level of daily resistance as well. Thus, it has to be a breakout with strong momentum. The level of 71.950 is the level of support here where the price has already had a rejection. If the current H4 candle ends up breaching the resistance level, an H1 consolidation and an H1 bullish engulfing candle right at the breakout level afterwards will be the signal to go long for the traders. Let us have a look at the summary of the trade…
- Buy Stop Order: 72.260
- Stop Loss: 71.979
- Take Profit: 72.653
If the price does not consolidate, then the price might not go all the way to the take profit level that we have set here. It might make a correction before going there, with which we never know the price goes back towards the existent direction or keeps going to the direction of correction. However, a consolidation right after the H4 breakout would drive the price to go towards our desired level.
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