USD/JPY Master Candle Setup on Intraday Chart

February 23, 2017 10:55

As we could see on Live Trading Session yesterday both EUR/USD and USD/JPY went in profits. The USD/JPY long from 113.36 tested 113.65 providing approximately 30 pips before FOMC tanked the price.The chart shows previous Master Candles and their respective breakouts. At this point we can see that a Master Candle (MC) has been formed on H1 timeframe. The 1st, 2nd and 3rd candle (after the MC candle has been confirmed) haven't made any breakout so we need to wait for a price push that might happen around 13:30 after US Employment Claims. Watch for either 113.65 breakout towards 113.80 and 114.15 or 112.94 breakout towards 112.78 and 112.48. Ideally price should proceed above H4 or below L4 to reach its final targets. The ATR of last 14 days is 96 pips.

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