EURJPY has been bearish for the last 4 trading days. Yesterday’s daily candle came out as a bearish candle as well. The H4 chart shows that the price made a breakout at a significant level of support. The pair is trading around the level as of writing. If the level produces a bearish reversal candle, the sellers may get an opportunity to go short upon breakout at the lowest low. Let us have a look at the H4 EURJPY chart.
This trade idea was generated by our powerful Elite Swing Trader System on an H4 time frame.
EUR/JPY Daily Price Forecast – 11th Feb 2020
The chart shows that one of the H4 candles made a breakout at the level of 119.875. After having a bounce at the level of 119.650, the price headed towards the breakout level. If the level produces a bearish reversal candle, the sellers may trigger a short entry below the level of 119.650. Let us have a look at the summary of the trade…
- Sell Stop: 119.661
- Stop Loss: 119.668
- Take Profit: 119.310
Considering the daily and the weekly chart, the pair may make a big bearish move from here. The sellers on this trade setup may consider taking partial profit and let the rest of the trade run. On the daily chart, the price may find its next support around the level of 117.000. On the weekly chart, it may find its next support at around the level of 116.000. It may start from the H4 chart since the level of resistance is a very strong one. Either way, it may play a significant role to determine its next direction.
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