USDJPY produced a strong bullish daily candle on the daily chart yesterday. The H4 chart shows that the price has been on consolidation and at a level which has the potential to be a level of support. If the level is held and it ends up producing an H4 bullish reversal candle followed by an H4 breakout, then a pullback and an H1 bullish reversal candle at the breakout level would be the signal to go long on the pair. Let’s have a look at the H4-USDJPY chart. This is another trade idea generated by the Elite Swing Trader.

The level of 108.750 is the level where the price started having a consolidation. The level of 108.600 is the level of support. The price reacted to the support level several times. The buyers are to wait for an H4 bullish reversal candle right at the support and a breakout at the resistance level. Since there is another strong level of resistance nearby, so the buyers should wait for a pullback. If an H1 bullish reversal candle is produced at the breakout level, then buying the pair would get the buyers some green pips. Let us have a look at the summary of the trade...

• Buy Stop Order: 108.757
• Stop Loss: 108.431
• Take Profit: 109.325

The buyers must wait for a pullback here since there is a daily resistance at 108.970 area. A pullback followed by an H1 bullish reversal candle at the breakout level would make more buyers be interested in buying, which eventually brings more liquidity. Click Here to learn more about Elite Swing Trader

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