NZDJPY has been bullish on the daily chart for the last few days. On the H4 chart, the price has made a breakout at a long-held level of resistance. The price may come back at the breakout level and produce a bullish reversal to offer a long entry. Let us have a look at the H4 NZDJPY chart. This trade idea was generated by our powerful Elite Swing Trader System.

The chart shows that the price has made a breakout at the level of 70.480. The pair is trading above the level now. The buyers are to wait to get a bullish reversal candle at the buying zone. If the price starts having a correction, the best level to hold the price and produce an H4 bullish reversal candle is the breakout level. The buyers may trigger a long entry upon an H4 bullish engulfing candle at the level of 70.480. Let us have a look at the summary of the trade...

• Buy Stop Order: 70.765
• Stop Loss: Below 70.356
• Take Profit: 71.100

This is an ABC pattern trade setup. The buyers are to wait for the C point. It seems that the AB has been formed. It may be extended a little. If it goes too far up, then the trade setup will be void. Typically, correction of up to 61.8% means the trend exists. If the price goes beyond 61.8%, most likely the trend will reverse. Let us wait and hope that the price starts its correction soon and produces that bullish reversal candle at the breakout level. For more trade ideas, join the Price Action Society... If you like our analysis and would like to receive 3 to 7 trade ideas per day, then Click here to learn more about the Price Action Society.