USDJPY has been bullish on the H4 and the D1 chart for the last 18 days. The price kept making higher highs until it found its resistance at 112.950. That level has been broken by the H4 candle as well. Thus, the pair might again head towards the upside by making new higher highs. Let us have a look at the H1 chart of USDJPY…
This is the H1 chart and we see that the price here started an uptrend from the level of 112.450 and breached the level 112.950 on its way. It would have been better if the price would come up to 112.950 again and offer us buy entries from there. However, that might not happen since today the price seems to have gone towards the upside from the level of 113.115. Now that it seems all bullish, we should only look for buying opportunities here. If the price goes too far and then comes back, then this trade setup would be invalid.
Let us have a look at the summary of the trade
- Buy Stop Order: 113.430
- Stop Loss Level: 113.115
- Take Profit Target: 113.870
At first, we should wait for the price to go further up from where it is now. The level of 113.580 seems to be the perfect level for this. If the price goes there and comes back to have hourly correction up to the level of 113.430, then we should wait for an Hourly reversal at 113.430 to take a long entry.
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 May 2017
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