USDJPY has been bullish on the daily chart. Yesterday’s daily candle engulfed the day before yesterday’s candle. The H4 chart shows that the price has a bounce on the flipped support. If the level holds the price and produces an H4 bullish reversal candle, the buyers may find an opportunity to go long on the pair upon an upside breakout at yesterday’s highest high. Let us have a look at the H4 USDJPY chart. This trade idea was generated by our powerful Elite Swing Trader System.

The H4 chart shows that the price has been heading towards the North on an ABC pattern. The price breached a swing high on its bullish journey. The level seems to hold the price as a flipped support. A bullish reversal candle at this level may push the price towards the North. If the price makes a breakout at the level of 109.480, it may go towards the level of 110.000 with good bullish momentum. Let us have a look at the summary of the trade...

• Buy Stop Order: 109.485
• Stop Loss: 109.140
• Take Profit: 109.785

Take Profit level in this trade setup is a round number, which may have a huge impact on the pair. It would be better if we come out with our whole trade once it hits the target. An abrupt move towards either side is very much on the card once it reaches the level of 110.000. Let us not get hit by that volatility. Let the pair decide what it would do next. 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.