USDJPY Free Forex Trading Signals – 9th March 2017

USDJPY has been bullish again. The pair looked bearish after producing that bearish H4 Engulfing candle. However, the bearish momentum is not there anymore. In fact, the pair made two huge bullish H4 candles from a Double bottom level. Thus, buyers are going to keep their eyes on the pair to get a breakout to go long on USDJPY….

As we can see that the pair produced a Double Bottom at 113.630. Then, those two consecutive H4 bullish candles were produced. The price went up to 114.750. After producing a Doji candle at that level, the price has been on consolidation. 114.330 seems to be the level of support here. If this level is held, then we should wait for an Hourly breakout at 114.330 to take long entry. If we get an H4 breakout, that would be even better.

Let us have a look at the summary of the trade

• Buy Stop Order: 114.750
• Stop Loss Level: 114.330
• Take Profit Level: 115.430

Forex market can change its color in a blink of a second. Here we have seen with USDJPY that the pair was getting ready to take its bearish route. A level of support came into play and produced the Double top. Then, the game has been changed. Now, it seems the buyers are going to take control. This is what we have to remember that we change our view towards a pair according to its movement. We must not keep believing what we believed last week or even yesterday. There is a saying “Go with the trend”. We always have to make sure that we are with the trend.

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 – 9th March 2017