USD/JPY Daily Price Forecast – 24th Jan 2020
USD/JPY has been bearish on the daily chart for the last three trading days. The pair produced a bearish engulfing candle on the daily chart and it has been heading towards the South with good selling pressure. On the H4 chart, the chart produced a Doji candle with a long upper shadow. Thus, any bearish breakout at the lowest low of the wave may drive the price towards the South further.
This trade idea was generated by our powerful Elite Swing Trader System on an H4 time frame.
The chart shows that the price had a bounce at the level of 109.275. It has been on consolidation within 109.575 to 109.275. The level of 109.575 has already produced the Doji candle. As of writing, the price has been bearish on the minor chart. If it continues and makes an H1 breakout at the level of 109.275, the sellers may go short on the pair to grab some green pips. Let us have a look at the summary of the trade…
- Sell Stop order: 109.252
- Stop Loss: 109.592
- Take Profit: 108.912
The daily and the H4 chart are bearish biased. However, the weekly chart shows that the price is still with the bull. Since it is the last day of the week, traders may think of taking out their whole profit before the market closes. If the target is not hit, closing the trade manually is an option that traders shall consider. If the current weekly candle ends up having a long lower shadow, the price may go towards the North for some days. On the other hand, if the weekly candle closes as a bearish engulfing candle, the price may remain bearish for one more week.
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