Elite Swing Trader EURJPY – 4th July 2019
EURJPY has been very bearish on the H4 chart. After making a double top, the price has been heading towards the South with good momentum. The price had a bounce yesterday at a level of support. Since then, it has been having a correction. There is a level of resistance nearby. If that level is held by the price and it ends up producing an H4 bearish reversal candle, then an H4 breakout at the support level would drive the price to go towards the South further. Let us have a look at the H4 EURJPY chart….
This is another trade idea generated by the Elite Swing Trader.
The level of 121.280 is the support and 121.740 is the level of resistance here. The way the price has been going towards the resistance level, it suggests that the level may be held. An H4 bearish candle right at the resistance level and an H4 breakout at the level of 121.280 would attract the sellers again to go short on the pair. Let us have a look at the summary of the trade…
- Sell Stop Order: 121.415
- Stop Loss: 121.800
- Take Profit: 120.949
The resistance level that has been marked here was a level of support when the price headed towards the North last time. Thus, this level of resistance has an extra significance. The price will react to the level heavily. What more interesting is if somehow we get an upside H4 breakout at this level that would change the whole equation. The pair will be then going towards the North instead.
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