EURJPY has been Bullish on the H4 chart. The price seems to keep making higher highs. To go more with its Bullish move, the H4 chart made a breakout today as well. The next candle after the breakout candle has been held by the breakout level nicely. This means only an H1 Bullish Engulfing Candle right at the breakout level is the thing that the buyers will be waiting for to take a long entry. Let us have a look at the H4 EURJPY chart.
EURJPY Price Action Analysis – 18th May 2018
Have a look at the first H4 candle today. It came out as a solid Bullish candle, which made a breakout at 130.820. The next H4 candle has been held by the breakout level too. Now it is time for the price to come at the breakout level and to produce an H1 Bullish Engulfing Candle to offer the long entry. Let us have a look at the summary of the trade…
- Buy Limit Order: 130.820
- Stop Loss: 130.565
- Take Profit: 131.650
- 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 EURO or the JPY has high impact news event later today. This is why the pair would run technically. We have already had the breakout and the breakout confirmation, so there is a strong possibility that the pair would offer us the entry. The only thing we have to wait for that is the price to come down at the breakout level and to produce that good-looking H1 Bullish Engulfing Candle. Let us patiently wait and see how it ends.
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