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USD/JPY: The buyers waiting for a bullish correction

EagleFX

USD/JPY produced a doji candle yesterday in the daily chart. The H1 chart shows that the price made a bearish breakout and traded below the breakout level for several hours. The price may make a bullish correction. The sellers may wait for the price to produce a bearish reversal candle at the breakout level. If that happens, the sellers may get an opportunity to go short in the pair.

Chart 1 USD/JPY H1 Chart


The chart shows that the price made a bearish breakout at the level of 107.100 and traded below the level for three more candles as of writing. The current candle seems to be bullish. If it comes out as a bullish candle, the price may make a bullish correction. The level of 107.100 may work as a level of resistance. If the level produces a bearish reversal candle, the sellers may go short below the level of 106.970.

Trade Summary:

Entry: Sell below 106.970

Stop Loss: Above 107.100

Take Profit 1: 106.775

Take Profit 2: 106.700

Take Profit 3: 106.600

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