Free Forex Trade Signals USDJPY – 4th Nov 2019
USDJPY has produced a Double Top on the daily chart. After producing an engulfing daily candle, the pair produced an Inside Bar. This is strong bearish price action. Moreover, the H4 chart shows that the price has been on consolidation after making a strong bearish move. If the price makes an H4 bearish breakout, the sellers may go short on the pair to make some green pips.
This trade idea was generated by our powerful Elite Swing Trader System.
The H4 chart shows that the price finds its support at the level of 107.930. The level of 108.260 is the level of resistance where the price made its last breakout. If the level holds the price and produces an H4 bearish engulfing candle followed by an H4 breakout at the level of 107.930, the price may head towards the level of 107.390 with good bearish momentum. Let us have a look at the summary of the trade…
- Sell Stop Order: 107.880
- Stop Loss: 108.339
- Take Profit: 107.401
The last week’s candle closed as an engulfing candle. The candle has been produced at the resistance of a Double Top on the weekly chart. Double Top and engulfing weekly candle factors may make the pair remain bearish for at least one more week. This means the price may head towards the South further than the Take Profit that we have set in the trade setup. By taking out a partial profit, we may let the rest of the trade run to grab more profit. The next target we may set at the level of 106.650.
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