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USDJPY Trade Idea – 28th June 2017

USDJPY made a breakout yesterday on the H4 chart. The breakout is very significant since after a long consolidation, the H4 chart made the breakout. As far as the H4 chart is concerned, USDJPY is bullish. Thus, we are going to watch out for the opportunities to go long on USDJPY. Let us have a look at the H1 chart of USDJPY…

In the H1 chart, the price has kept making higher highs. Considering the H4 breakout, it gives us one more reason to go long on the pair. After the breakout, the price went up to 112.450. Then, it started having correction. The level of 112.010 is a flip over support level. This has been acting as a support level so far as well. If this level drives the price higher up and makes a breakout at 112.450, then buying the pair would be the best option as far as this chart is concerned. Let us have a look at the summary of the trade…

• Buy Stop Order: 112.450
• Stop Loss Level: 112.000
• Take profit: 113.100
• 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

Other JPY pairs are roaring to offer entries as well. However, by looking at the chart, USDJPY seems to be the best one as far as the “Risk and reward ratio” is concerned. Other JPY pairs might offer entries for the traders, but I assume USDJPY pair will have more liquidity than they will. To be a good trader, we have to be able to sniff the liquidity on a pair that it might get later in a trading day.

We hope that you enjoy our Free Forex Trading Signal today: USDJPY Price Action Analysis – 28th June 2017 

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