USDJPY has been in a range on the H4 chart. The pair seems to have a downward correction. The price is right at the level, which has the potential to be a significant level of Support. If the level is held by H4 candles, and we get an H1 breakout later towards the upside, then buying the pair would get us some green pips. Let us have a look at the H4 USDJPY chart.
The level of 107.545 seems to be the Resistance here and the level of 107.050 is the Support. If the support level is held by the next H4 candle and the level produces an H4 Bullish reversal candle, then the buyers would wait for an H1 breakout at the level of 107.545 to take a long entry. There is enough room for the price to go towards the upside as well. This means the buyers could ride on the trend for a long time if they take out their partial profit. Let us have a look at the summary of the trade…
- Buy Stop Level: 107.545
- Stop Loss: 107.050
- Take Profit: 108.350
- 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 are two High impact news events on the USD today. One is to take place at GMT 14.30 and another one is to take place at 16.30. However, I assume that the signal might come at either GMT 11.00 or at GMT 12.00. This means we would have at least 2 hours to take the entry before the pair
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