USD/JPY made a bullish move to start its trading day. The price already had a rejection at yesterday’s highest high. It has been heading towards the level again. If the level holds the price as resistance again and produces an H1 bearish reversal candle, the price may head towards the South with good bearish momentum by offering a short entry to the sellers.
Trade Summary
Entry: Below 119.100
Stop Loss: Above 109.200
Take Profit 1: 108.983
Take Profit 2: 108.918
Take Profit 3: 108.843
Please Note: A bearish engulfing candle at the resistance would be the best option as the reversal candle. The breakout candle is to be a bearish Marubozu candle closing well below the support. The price may take some time to hit Take Profit 3.
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