Elite Swing Trader USDJPY – 22nd May 2019
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In case you missed our trade signal on USDJPY yesterday, here’s another opportunity to enter into this trade.
USDJPY has been bullish on the H4 chart. The price made a breakout on a down trending trend line. Consequently, the USDJPY intraday buyers have been pushing the price towards the upside whenever an opportunity is there. The H4 traders, however, have to wait for a breakout and confirmation to go long on the pair. As things stand with the pair, it seems that the buyers are going to get the opportunity to go long on the pair later today. Let us have a look at the H4 USDJPY chart….
This is another trade idea generated by the Elite Swing Trader.
The level of 110.455 is the level which has been held by the H4 candles. To offer the long entry, the level is to produce an H4 bullish engulfing candle, which is to be followed by an H1 breakout at the level of 110.680 to go long on the pair. The current candle is being formed as a strong bullish candle. One before that was an inverted hammer, which is a strong bullish reversal candle too. Let us have a look at the summary of the trade…
- Buy Stop Order: 111.105
- Stop Loss: 110.440
- Take Profit: 111.105
Since the distance between the support level and breakout level is tiny, there is a very good chance that the current H4 candle might make the breakout itself. In this case, we have to wait for an H1 consolidation on the breakout level and a bullish engulfing H1 candle right on the consolidation’s resistance to go long on the pair.
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