NZDJPY has made a downside breakout on the H4 chart today. The sellers may want to wait for a pullback towards the breakout level and an H1 bearish reversal candle to go short on the pair later today. 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 that the level of 68.865 has been breached by that massive H4 bearish candle. The price seems to have started having a pullback as well.  If the price goes up to the breakout level and produces an H1 bearish engulfing candle right at that level, then selling the pair would get us some green pips with a good risk and reward ratio. Let us have a look at the summary of the trade...

• Sell Limit Order: 68.911
• Stop Loss: 70.131
• Take Profit: 67.851

The sellers have to wait for a price correction here. A price correction always has to have less speed than the trend. This means traders must wait for the current H4 candle to be closed and that is to be closed within the breakout level. If the signal comes before the current H4 candle closes, then we might as well not trigger the entry because, within the rest of the hour/hours, the H4 candle closes above the breakout level. It might even end up being an H4 bullish engulfing candle. That would change the whole scenario and make it a void trade setup. Click Here to learn more about Elite Swing Trader

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