NZDJPY Price Action Analysis – 10th Nov 2018
NZDJPY made a strong Bullish move on the H4 chart. The pair has been Bullish for the last two weeks. On the last Friday, the pair made some correction on the H4 chart. As it seems, the pair might have found a level of Support again, it the price may go towards the North again if we get an upside H4 breakout today. Let us have a look at the NZDJPY chart.
The chart clearly shows that the H4 candles have kept making higher highs by making breakouts towards the North. However, the level of 77.150 came into play; the price could not make a breakout in the last two trading days. The price then came at the level of 76.500 where it produced an H4 Bullish Engulfing Candle today. If things go well, the price might keep going towards the upside and make an H4 breakout at the level of 77.150. After an H4 breakout, we have to wait for an H1 Bullish Engulfing Candle right at the breakout level. Let us have a look at the summary of the trade…
- Buy Stop Order: 77.150
- Stop loss: 76.500
- Take Profit: 78.200
- Validity: 72 hours
- Whenever possible, move the stop loss to the entry price and whenever you want, you can take profit anytime as long as you feel comfortable
The NZD or the JPY none of the currency has any high impact news event today. Thus, we have to keep our eyes on the pair closely since the signal might come at any time after an H4 breakout. However, I assume it would come around at GMT 07.00 or GMT 08.00.
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