USDJPY Price Action Analysis – 18th April 2018
USDJPY seems to have found a strong level of Support on the H4 chart. The price has been Bullish after finding the Support. Moreover, an H4 candle today made a breakout towards the upside. If the price comes back to the breakout level and produces an H1 Bullish Engulfing Candle, then buying the pair would get us some green pips. Let us have a look at the H4 USDJPY chart.
The level of 107.215 got broken by the last H4 candle. It is time for the price to start having a correction. If the price comes back to the level of 107.215 and produces an H1 Bullish Engulfing Candle, then the price should reach the level of 107.700 without having that many pauses. Let us have a look at the summary of the trade…
- Buy Limit Order: 107.215
- Stop loss: 106.990
- Take Profit: 107.700
- Validity: 72 hours
- Whenever possible, move the stop loss to the entry price and whenever you want, you can take profit anytime as long as you feel comfortable
USD has a high impact news event today at GMT 15.30. By looking at the chart, it seems that the signal would come much before then the news hour. I assume the signal would come at the last hour of this H4 candle. If not then it would take 2 more H1 candles. By any chance, if we do not get the signal by GMT 12.00, then we would have to wait for the High impact news hour’s volatility to be finished to take the entry. Let us now wait and see whether the signal comes at least 3 hours before then the news hour.
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