Elite Swing Trader USDJPY – 9th July 2019
USDJPY had another bullish day yesterday. The daily candle closed much above the day before yesterday’s daily candle. The H4 chart shows that the price made a breakout at a significant level of resistance. Moreover, the H4 price has started making a correction. If the price comes back to the breakout level; makes a bullish reversal candle, then any upside breakout would attract the buyers to go long on the pair. Let us have a look at the H4 USDJPY chart.
This is another trade idea generated by the Elite Swing Trader.
The chart shows that the price has been heading towards the North with good momentum. The level of 108.645 acted as a level of resistance once. The price did make a breakout at the level of resistance yesterday. The price seems to have started having a correction. If the price comes at the breakout level; produces an H4 bullish reversal candle, then an upside breakout at the level of 108.890 would push the price towards the North further.
Let us have a look at the summary of the trade
- Buy Stop Order: 108.693
- Stop Loss: 108.478
- Take Profit: 109.260
The daily and the weekly chart show that the price might have found a strong level of support which may push the price much further up. Last two weeks’ candles came out as strong bullish candles. Thus, it may continue its bullish wave as far as the weekly chart is concerned. The daily chart shows that the price has made an ABC pattern and heading towards the North. To sum it up, USDJPY looks very good for the buyers in coming days.
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