USDJPY Price Action Analysis – 9th Nov 2018
USDJPY has been Bullish on the H4 chart. The price has kept making higher highs by making breakouts. Surprisingly, yesterday’s FOMC did not create that much volatility on the pair. As far as technical aspect is concerned, USDJPY looks good to make upside breakout and go towards the North. Let us have a look at the H4 USDJPY chart.
The level of 113.830 might be the level of Support. The price reacted to that level earlier. To break this level, the pair had to make a huge Bullish H4 candle as we see on the chart. Thus, it would be a Flip over Support Level. If that happens, then we have to wait for an H4 breakout at the level of 114.095 first. Then, an H1 Bullish Engulfing Candle has to be produced at the time of correction to offer us a long entry. Let us have a look at the summary of the trade…
- Buy Stop Order: 114.098
- Stop Loss: 113.830
- Take Profit: 114.600
- 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
The USD had a high impact news event at GMT 13.30. The pair might make the H4 breakout during the London Open H4 candle and produce the H1 Bullish Engulfing Candle during the New York Open. Here is one thing that I am wondering about. Yesterday’s FOMC created strong volatility, but it did not create that much volatility on USDJPY whereas the USDJPY looked technically very good to go upward. This is a strange market, is not it?
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