USDJPY has been in a range on the H4 chart. The first H4 candle came out as a Bearish one. The next one came out as a Bullish candle, which made a breakout at an important level of Resistance as well. Now if the level is held by the current H4 candle and it produces an H1 Bullish Engulfing candle at the breakout level, we would get an opportunity to buy the pair later today. Let us have a look at the H4 USDJPY chart.
USDJPY Price Action Analysis – 20th Mar 2018
See that good-looking H4 Bullish candle that made a breakout at the level of 106.145. The current candle has to make a correction up to the breakout level and the breakout level has to be held. If that happens, then we would wait for an H1 Bullish candle to be formed at the level of 106.145 to take the long entry. Let us have a look at the summary of the trade.
- Buy Limit Order: 106.145
- Stop Loss: 105.925
- Take Profit: 106.620
- 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
None of the currency on this pair has any high impact news event today. Thus, the signal might not take that long to be formed. There is a good possibility that we would get the signal on the last hour of this current H4 candle or on the first hour of the next H4 candle. Today is the 2nd day of G-20 meeting though. It might create a sudden volatility. However, it would not make the Forex market extremely volatile.
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