USDJPY had a bearish day yesterday. The daily candle came out as a bearish engulfing candle. On the H4 chart, the price has been heading towards the South with good momentum. A support level is very nearby. Thus, the price might make an upward correction and head towards the South again. Let us have a look at the H4 USDJPY chart.
This is another trade idea generated by the Elite Swing Trader.
The H4 chart looks very bearish. The level of 107.540 has the potential to be the level of support from where the price might start having a correction. The price has shown some reaction to the level already. If the price correction occurs from here, then it might go up to the level of 107.900. From there, a H4 bearish reversal candle followed by another H4 candle breaching the level of 107.900 would be the signal to go short. Let us have a look at the summary of the trade…
- Sell Stop Order: 107.534
- Stop Loss: 107.936
- Take Profit: 107.069
The signal may take time to be produced. In fact, it may be produced tomorrow. Thus, the sellers have to be patient and keep their eyes on the pair. Today there is a high impact news event related to the USD at GMT 1330. It would be best if the signal comes after that news event if it comes today. Let us now wait for the price to start its correction, H4 bearish reversal and the breakout.
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