USDJPY was bullish in the last week. However, the price failed to break a key resistance zone. The pair then produced a huge Engulfing H4 bearish candle from that zone. As things stand with the pair, the price might go towards the South if we get a breakout at the current support level. Let us have a look at the chart to find out, where the breakout should take place to offer us short entry…
USDJPY Free Forex Trading Signals – 7th March 2017
As we can see that, the pair produced that Engulfing candle from 114.550 area. Then, it came up to 113.575 to find its support. The price has been on consolidation. The level of 114.080 has been the resistance so far. We already have had H4 reversal candles at that level as well. If we get an hourly breakout at 113.575, then we should sell the pair by setting our stop loss at 114.080. An H4 breakout would be even better.
Let us have a look at the summary of the trade
- Sell Stop Order: 113.575
- Stop Loss Level: 114.080
- Take Profit Target: 112.800
Last week, we were eyeing on USDJPY to buy right from the zone that I have marked here. We were waiting for a bullish breakout then. However, this time we are eyeing to sell the pair. In fact, we are going to wait for a bearish breakout here. This is why there is a saying “Trend is your friend until it bends”. It seems the trend here has bent. We will get the confirmation upon a bearish breakout. Let us patiently wait to see what happens next.
You can also take a look at our previous (and most likely profitable) Free Forex Trading Signals Here.
We hope that you enjoy our Free Forex Trading Signal today: USDJPY Free Forex Trading Signals – 7th March 2017
The post USDJPY Free Forex Trading Signals – 7th March 2017 appeared first on Advanced Forex Strategies.
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