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USDJPY Price Action Analysis – 26th July 2017
USDJPY has been having a long downward correction on the H4 chart. The price has been within a down trending channel. However, the channel got broken. Yesterday’s daily candle has come out as a good-looking bullish candle, which engulfed the previous daily candle. Thus, eying to take a long entry on the pair might get us some green pips today. Let us have a look at the H4-USDJPY chart…
USDJPY Price Action Analysis – 26th July 2017
See that the pair has been uptrending after breaking the down trending line. The price got a rejection from 112.080 and the level of 111.800 has the potential to be a level of support. If 111.800 level is held and we get a breakout at 112. 080, then buying the pair should get us some green pips. Let us have a look at the summary of the trade…
- Buy Stop Order: 112.100
- Stop Loss Level: 111.800
- Take Profit Target: 112.500
- 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
Here the H4 chart suggests that the price was in downtrend. However, if you have a look at the Daily chart, then you will see that the price had been on a correction. The H4 downtrend line got broken as well. Thus, it would be a better idea to wait for a buy signal here. What I mean to say is the Daily chart has the upper hand over the H4 chart. Moreover, last trading day’s candle plays an important role too. We need to consider these things on a chart before taking any entry.
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