NZDJPY has been having a strong Bearish move on the H4 chart. The first two H4 candles today have been a strong Bearish candle and one of them made a breakout at an important level of Support. If the price is held by the upcoming H4 candles and we get an H1 Engulfing candle, then selling the pair would get us some green pips. Let us have a look at the H4 NZDJPY chart.
NZDJPY Price Action Analysis – 19th Mar 2018
Have a look at the last Bearish wave. The selling pressure is strong. The level of 76.395 was a level of support. That got broken by a good looking H4 candle. Now if the price goes to have a correction at the breakout level and we get an H1 Bearish Engulfing candle, we should sell the pair to make some green pips. Let us have a look at the summary of the trade…
- Sell Limit Order: 76.395
- Stop Loss: 76.600
- Take Profit: 75.800
- 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
Although it is Monday today, the market has been very active. We have seen good liquidity and that has helped some pairs make breakouts already. Some other pairs look good to take entry as well. NZDJPY looks best among them. I assume it would be a good day for the traders. Keep your close eyes on the pair since the signal might come even before the New York session starts. I assume the signal would probably come around GMT 09.00 or at GMT 10.00.
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