USDJPY is at a critical level. The pair has a big decision to make. The H4 chart suggests that the price is at a very strong level of Resistance. However, today’s price action has been Bullish and there is a strong possibility that we might get a breakout towards the upside. If that happens, then the pair might offer us a long entry. Let us have a look at the H4 USDJPY chart.
The level of 112.660 is the level which has held the key. It also has the potential to be a level of Double Top. However, we are eyeing for a breakout towards the upside. If we get an upside breakout and an H1 Bullish Engulfing candle at the time of correction, then buying the pair would get us some green pips with an excellent risk and reward ratio. The level of 112.350 is the level of Support where we should set our Stop loss. If things go accordingly, then the price would go to the level of 113.570. Let us have a look at the summary of the trade…
- Buy Stop Order: 112.660
- Stop loss: 112.350
- Take profit: 113.570
- 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
This week the Forex market has some very high impact news event to face. BOC has the interest rate to declare and ECB has a press conference, Draghi’s speech. Thus, the Cad, the Euro as well the USD might get very volatile this week. We must be extra careful with our entries this week.
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