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USDJPY Price Action Analysis – 30th Aug 2017
USDJPY has come out from a long range on the H4 chart. The pair has been bullish, so it might be the time for the buyers to wait for a pullback and start buying the pair from a value area. Let us have a look at the H4 USDJPY chart….
Have a look at those massive H4 candles. They broke a down trending Trend Line and a massive level of Horizontal Resistance as well. As it seems that the pair might start having correction. If the price comes back to the level of 109.315 and produces an H4 Bullish Engulfing Candle, then buying the pair would get some green pips for the buyers. Let us have a look at the summary of the trade…
- Buy Stop Order: 109.300
- Stop Loss Level: 108.300
- Take Profit Target: 110.300
- 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
Since the pair just made a breakout, thus the reversal candle has to breach the last higher high. What that means is we must wait for an H4 candle to close above the level of 1.49140. The pair has been on a solid trend, so it should have enough liquidity. Any sort of confusion, such as if it takes too many candles to make the breakout would slow down the pace to reach at our desired level. The best would be if we get the current H4 candle as our breakout candle. The pair will surely have a huge amount of liquidity then.
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