Swing Trading Signal USDJPY – 13th Feb 2019
This signal is generated by Elite Swing Trader for USDJPY 13th Feb 2019. USDJPY had a strong bullish move on the H4 chart. Yesterday’s Daily candle came out rather as a corrective candle. The H4 chart suggests that the price had a consolidation. The good thing is support level of the consolidating zone seems to be producing an H4 bullish engulfing candle. If that happens, then an H1 breakout towards the North would be the signal to take a long entry. Let us have a look at the H4 USDJPY chart.
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The level of 110.415 is the level of support and 110.655 is the level of resistance. The current candle seems to be an engulfing candle. If this candle finishes as an engulfing candle and we get an H1 breakout at the level of 110.655, then the price would head towards the level of 111.262 without having too many pauses. Let us have a look at the summary of the trade…
- Buy Stop Order: 110.700
- Stop Loss: 110.100
- Take Profit: 111.300
The NZD had a series of high impact news events from GMT 01.00. As expected, all the NZD pairs have become very volatile at the moment. There is one more news event to take place on the NZD. Thus, it would be better if we leave the NZD pairs to trade at before it gets settled. I assume the pair would take at least 3 more H4 candles to be stable. Thus, tomorrow might be a good day to find opportunities for taking entries on the NZD pairs. Meanwhile, let us concentrate on USDJPY.
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