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USD/JPY: The Buyers to wait for a bullish breakout

EagleFX

USD/JPY has been bullish in the daily chart for the last five trading days. Yesterday’ candle came out as a strong bullish candle as well. The H1 chart shows that the price after making a bearish correction has found its support. If the price heads towards the North and makes a breakout at yesterday’s highest high, the buyers may go long in the pair and push the price towards the North further.

Chart 1 USD/JPY H1 Chart


The chart shows that the price had a bounce at the level of 107.550 and made a bullish move. The price has been in consolidation again. If the price heads towards the North and makes a bullish breakout at the level of 107.880, the buyers may trigger a long entry. The pair may make a long bullish move since the daily chart’s significant highest high is at 109.775.

Trade Summary:

Entry: Buy above 107.880

Stop Loss: Below 107.550

Take Profit 1: 108.085

Take Profit 2: 108.215

Take Profit 3: 108.400

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