EURJPY has been on a consolidation on the H4 chart. Today’s first H4 candle came out as a Bearish candle, but the next one came out as a strong Bullish candle. To go more with it, the current candle seems that it has been trying to make a breakout towards the upside. If an H4 breakout takes place and is held by another H4 candle, then an H1 Bullish Engulfing candle right at the breakout level would offer us a long entry later today. Let us have a look at the H4 EURJPY chart.
EURJPY Price Action Analysis – 9th April 2018
Have a look at the chart. The price had a long consolidation within 131.075 to 131.390. The current H4 candle has been trying to make a breakout at the level of 131.390. If this level gets broken by the current H4 candle, we would have to wait for the next H4 candle to be held at the breakout level. Then, an H1 Bullish Engulfing candle right at the level of 131.390 would be the entry signal to go long on the pair. Let us have a look at the summary of the trade…
- Buy Limit Order: 131.390
- Stop Loss: 131.075
- Take Profit: 132.400
- 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
The last NFP did not make the pairs move that much. Some pairs did get volatile, but did not continue their move as they usually do. The USD should have got weaker, but it did not. This could be a sign that this month might come out as a good month for the USD buyers.
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