USD/JPY made a strong bearish move on Friday. The H1 chart shows that the price after being bearish had several bounces at the resistance zone. The pair is trading above the last swing high. If the price comes back at the level and produces a bullish reversal candle, the buyers may get an opportunity to go long in the pair.
Chart 1 USD/JPY H1 Chart
The chart shows that the price had several bounces at the level of 105.300. At the last bounce, it produced a bullish inside bar but pushed the price towards the North. It made a breakout at the level of 105.830, where the price reacted several times earlier. The pair is trading above the level as of writing. If the price consolidates or makes a bearish correction, then the buyers may wait to get a bullish reversal candle at the level of 105.830 to go long in the pair.
Trade Summary:
Entry: Buy above 106.000
Stop Loss: Below 105.830
Take Profit 1: 106.285
Take Profit 2: 106.400
Take Profit 3: 106.575