USD/JPY has been bullish all day. The price made a breakout at yesterday’s highest high. However, as of writing, the price is bearish in the current H1 candle. If the price gets back within the breakout level, the sellers may get an opportunity to go short in the pair. Let us now have a look at the H1- USD/JPY chart.
The chart shows that the price made a breakout at 106.160, which is yesterday’s highest high. The price consolidates around the level and makes a bullish move with two candles. However, it seems that the price may have found its resistance. It may end up producing a bearish engulfing candle. If that happens and the price comes back within 106.160, the sellers may trigger a short entry below the level of 105.980.
Trade Summary:
Entry: Sell below 105.980
Stop Loss: Above 106.160
Take Profit 1: 105.780
Take Profit 2: 105.640
Take Profit 3: 105.460