USDJPY made a massive bearish move on the H4 chart. The price might have found a level of support and start taking correction from there. If that happens, then there is a level of potential flip over resistance, which might come into play and create an opportunity for the sellers of UsdJpy to make some green pips. Let us have a look at the H4 USDJPY chart.
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See those consecutive three H4 bearish candles. Then, the price produced an H4 doji candle at the level of 112.670. If this level makes the price start having correction, and the correction goes up to the level of 113.020, then an H4 bearish engulfing candle right at that level, would be the signal to sell the pair. Let us have a look at the summary of the trade…
- Sell Stop Order: 112.670
- Stop Loss: 113.020
- Take Profit: 112.100
- 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
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The current H4 candle seems to be very bearish too. However, this is not the candle that we want a breakout candle to be produced from. We must wait for a full length correction. Once the correction is done, we wait for an H4 bearish engulfing candle right at that level where the price made a breakout earlier. Here is another thing; the lower low of the current H4 candle might go bit lower than the current support level, then the price start having correction. Trade setup will remain still valid, just the breakout level has to be placed at today’s lower low.
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