GBPJPY made a significant bearish move on the H4 chart. The price made a downside breakout at a support level which was held by the price a number of times. Price action on the H4 chart suggests that the price is having a correction at the moment. Thus, any H4 bearish reversal candle such as an H4 bearish engulfing candle at the breakout level would attract the sellers again to go short upon a breakout at yesterday’s lowest low. Let us have a look at the H4 GBPJPY chart. This is another trade idea generated by the Elite Swing Trader.

The chart shows that three consecutive H4 bearish candles were produced and one of them made the breakout at the level of 135.235. The price came up to the level of 134.910, then started having a correction. If the price goes back to the breakout level and produces an H4 bearish engulfing candle followed by an H1 breakout at the level of 134.910, then selling the pair would get us some green pips. Let us have a look at the summary of the trade...

• Entry: H1 breakout at 134.910 after an H4 bearish engulfing candle at the breakout level
• Stop Loss: Above 135.235
• Take Profit: 134.380

GBPJPY has been bearish on the weekly chart as well. There is enough space towards the downside for the price to move. Thus, it may attract more sellers and bring more liquidity. As things stand, if things go according to the chart setup, the price would hit the take profit level faster than it usually does. Click Here to learn more about Elite Swing Trader

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