USDJPY has been bullish on the Daily chart. The price was in a range for the last 7 trading days. Yesterday’s two good-looking bullish candles made the price come out from the range. The good thing is the price was held by the breakout level as well. This means an H4 bullish engulfing candle right on that breakout level and an H1breakout at yesterday’s highest high would lead the price to go towards the North with a good buying pressure. Let us have a look at the H4 USDJPY chart.
This is another trade idea generated by the Elite Swing Trader.
The chart clearly suggests that the momentum has been with the bull for a long time. The price consolidated within the range for a number of H4 candles too. The level of 112.130 was the resistance level which was to be broken. This level got broken and seems that it is going to be the level of flip over support. Now buyers are going to wait for an H4 bullish engulfing candle here. If that is produced, then an H1 bullish candle has to make another breakout at the level of 112.400 to offer a long entry for the buyers. Let us have a look at the summary of the trade…
- Buy Stop: 112.186
- Stop Loss: 111.533
- Take Profit: 113.625
At the moment, on the intraday charts, the price seems to have breached the breakout level. It might have breached the level according to the intraday charts, but H4 candle is still held. In fact, it is even better since it would produce an H4 candle which may engulf the last candle completely. Let us see what happens at the end.
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