USDJPY Price Action Analysis – 8th Mar 2018
USDJPY has been in a range on the H4 chart. Yesterday’s Daily candle came out as a Bullish Pinbar. This means the buyers might be more interested than the sellers to buy the pair and push the price towards the upside. Let us have a look at the H4-USDJPY chart.
Have a look at the H4 chart. The first H4 candle today was a Bullish one, then the next one came out as an Engulfing Bearish candle. The level of 105.870 is a significant level, which is still held by the price and has the potential to be a level of Support to produce an H4 Bullish reversal candle. If we get an H4 Bullish reversal candle at that level and get an H1 breakout at the level of 106.210, then buying the pair would get us some green pips as far as this chart s concerned. Let us have a look at the summary of the trade…
- Buy Stop Order: 106.210
- Stop Loss: 105.870
- Take Profit: 106.770
- 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 a High impact news event on the USD today at GMT 14.30. Moreover, the EURO has a High impact news event today at the same time. Since the EURO is highly correlated with the USD, so USDJPY might get some volatility at that time as well. It would be best if we get the signal after these news events. This means if the signal comes at or after GMT 15.00, we are safe to take the entry.
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