USDJPY took a massive bearish ride on the Daily chart. However, the H4 chart shows that it might be the time for the pair to make some bullish move. The price seems to have found a strong level of support from where an H4 bullish engulfing candle has already been produced. Thus, a correction, an H4 bullish engulfing candle and an H1 breakout at the higher high would be the things that USDJPY buyers are going to look for. Let us have a look at the H4 USDJPY chart.
USDJPY Price Action Analysis – 27th Dec 2018`
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The level of 110.300 is the level of support here. The H4 bullish engulfing candle and the next H4 candle have set a bullish tone here. The level of 111.425 is the level of resistance here and the level of 110.875 is the level which has the potential to be the level of support. If that happens and we get an H4 bullish engulfing candle right on the level, then an H1 breakout at the resistance level would be the signal to take a long entry. Let us have a look at the summary of the trade…
- Entry: H1 breakout 111.425
- Stop loss: 110.875
- Take profit: 112.300
- 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
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It is noticed that most of the pairs have been having enough liquidity, but the price is not held or ends up producing a breakout candle. I assume this is a year ending effect. Nevertheless, good thing is the pairs have enough movement even at the very last moment of the year 2018. Let us hope movement continues in the next year as well.
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