USD/JPY: Support at Yesterday’s lowest low may push the price higher

EagleFX Team EagleFX

USDJPY made a downside breakout at yesterday's lowest low in Tokyo Session today. The price then came back in. The price action seems to be bullish on the H1 chart. The last H1 candle came out as a strong bullish candle followed by a corrective candle (current H1 candle as of writing). If the level of 108.4077 holds the price and produces an H1 bullish reversal, then an H1 breakout at 108.4840 would be the signal to go long on the pair.

Trade Summary:

Entry: Above 108.4840

Stop Loss: Below 108.4077

Take Profit 1: 108.6050

Take Profit 2: 108.6915

Take Profit 3: 108.8000

Please Note:

Take Profit 3 may not be achieved as easily. It may make the buyers wait a bit longer. The breakout candle is to breach the level of 108.4840 barely having the upper shadow.

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Author

EagleFX Team

EagleFX

EagleFX Team is an international group of market analysts with skills in fundamental and technical analysis, applying several methods to assess the state and likelihood of price movements on Forex, Commodities, Indices, Metals and

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