USDJPY made a bullish daily candle yesterday. The bullish momentum seems to continue its journey today as well. As things stand with the pair so far today, buyers seem to be interested to push the pair further up. Let us have a look at the USDJPY 1 hourly chart.
The price has made a break out at the level of 117.640, which was yesterday’s higher high. Since the break out 1 hourly candle is a large candle, thus the price might go further up and come back at the break out level again. This means we are anticipating an ABC pattern to go long on USDJPY today.
If the price comes back to the level of 117.640 and makes an hourly reversal at that level, we should buy the pair by setting stop loss below today’s lower low. We should place our take profit at the level of 118.630. This offers us a good risk and reward ratio of 1:2. This is one more reason that the buyers will be interested to go long on this trade setup.
Let us have a look at the summary of the trade setup
- Entry: Enter a Buy Limit order After an hourly reversal candle at the level of 117.640
- Stop loss: Below the level of 117.200
- Take profit: At the level of 118.630.
Comment below if you have questions on this trade and please let us know if you made money if this trade signal. Good luck!
You can also take a look at our previous (and most likely profitable) Free Forex Trading Signals Here.
We hope that you enjoy our Free Forex Trading Signal today: USDJPY Free Forex Trading Signals – 3rd Jan 2017
Tip of the day:
ABC pattern plays an important role in the market every now and then. At the beginning of a year, month, or a week, ABC pattern comes into play its role in the market more. Since market has just started its journey in 2017, thus most of the signals will come on ABC pattern in coming days. We also have to make sure that we do not carry our trade for too long. We should rather come out with our profit as long as it meets our initial target.
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Hi,
I would like to ask a question here.
When will your signal considered expired, when it did not triggered?
Because the GBPCAD signal was triggered and it loss.
I thought it is still valid. But it is not.
Could you please help?
Thank you
Reza,
Not all recommendation will result in profit.
There is no 100% win ratio system.
But stick to proper discipline and money management, and you should do well in the long run.
The USDJPY did not work for me according to your buying, she stoploss and profit taking
It took me out on the stoploss today. It nearly worked but not so good.Thanks for the info.
Schalk,
yeah… it’s too bad but that’s why we have to have proper money management rule in place.