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USD/JPY: The Bull is getting ready


USD/JPY produced a bullish engulfing candle in the daily chart yesterday. The H1 chart shows that the price has breached yesterday’s highest high. If the level produces a bullish reversal candle at the pullback, the buyers may get an opportunity to go long in the pair.

Chart 1 USD/JPY H1 Chart

The chart shows that the price made a strong bullish move. Then, it found its resistance around 107.330 and consolidated around the level. Upon producing a bullish engulfing candle, the price headed towards the North. As of writing, the last candle closed above the level of resistance at 107.330. The buyers may wait for the price to come back at the breakout level and produce a bullish reversal candle to trigger a long entry above 107.385. The next H4 resistance allows the price to travel a long way. Thus, it may attract more H1 buyers to go long and create good bullish momentum.

Trade Summary:

Entry: Buy above 107.385

Stop Loss: Below 107.330

Take Profit 1: 107.520

Take Profit 2: 107.570

Take Profit 3: 107.640

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