Free Forex Trade Signals USDJPY – 20th Sept 2019
USDJPY made a strong upside movement on the daily chart. However, yesterday’s daily candle came out as a bearish candle that engulfed the day before yesterday’s daily candle. This suggests that the pair may go towards the South this time. The price had a bounce at a support level yesterday. Since then it has been having a consolidation. Today’s first H4 candle came out as a Spinning Top followed by a strong bearish candle. If the price continues to go towards the South by making a breakout at yesterday’s lowest low, then the sellers may get an opportunity to go short on the pair. Let us have a look at the USDJPY chart.
This trade idea was generated by our powerful Elite Swing Trader System.
The price had a bounce at the level of 107.775 yesterday. The level of 108.095 has been working as a level of resistance. The level has already produced two bearish candles. If the level of 107.775 is breached by an H4 candle and it produces an H1 bearish engulfing candle at pullback, 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…
- Entry: H1 bearish engulfing candle at pullback.
- Stop Loss: Above 108.995
- Take Profit: 107.760
None of the currency in this pair has any high impact news event today. Thus, the pair shall run technically. The first thing we need to have is a momentum breakout. If that happens, there is a strong possibility that we may get a signal later today.
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