USDJPY has been Bearish on the H4 chart. The price has kept making lower lows on the chart and the trend looks strong to go further down. Today’s price action suggests that the price has been having a correction. If we get an H4 Bearish Engulfing Candle and an H1 breakout at today’s lower low, then taking a short entry would get us some green pips. Let us have a look at the H4 USDJPY chart.
The level of 104.640 has been a level of Support here, which has to be broken. On the other hand, the level of 105.079 has the potential to be a level of Resistance. If it does, then we would wait for an H4 Engulfing Candle first and then an H1 breakout at the level of 106.640 to take a short entry. Let us have a look at the summary of the trade…
- Sell Stop Order: 104.640
- Stop Loss: 105.079
- Take Profit: 103.940
- 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
There is no high impact news event today. This would lead the pairs to run technically. However, no news event means less volatility. Today’s market so far has been sluggish as well. This is what we do not want to see in the market. Then again, we never know. This market could change in a minute and pairs could start making breakouts. Let us patiently wait and see whether we get the breakout on USDJPY later today. I assume the New York session could be vital today.
USDJPY Price Action Analysis – 26th Mar 2018
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