EURJPY has been bearish on the daily chart. The pair produced three consecutive daily bearish Marubozu candles. The H4 chart shows that the price has been in consolidation. A level of flipped resistance may come into play and drive the price towards the South again. There is a lot of space for the price to travel towards the South. Thus, the sellers will be keen to keep their eyes on the chart to go short in the pair. 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 – 7th May 2020
The chart shows that the price after being very bearish had a bounce at 114.410. The chart produced a bullish engulfing candle right at the level. As of writing, the current candle has been bullish as well. The price may head towards the North a little further to find its resistance at 114.835. If the level produces a bearish reversal candle, the sellers may go short in the pair below 114.410. But for now, we will take advantage if there is a reversal in place.
Trade Summary
- Buy Stop: 114.885
- Stop Loss: 114.392
- Take Profit: 115.541
If the price does not make a bearish breakout today, intraday sellers may have to wait to go short in the pair again until the daily chart produces another bearish candle. Today’s candle likely comes out as a bearish candle. If not, then intraday sellers may have to skip taking entry in the remaining two days of this week. However, if the pair makes a bearish breakout today, the price may head towards the downside tomorrow with even more bearish pressure.
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