.

Bearish Engulfing on USD/JPY

Bearish Engulfing on USD/JPY

At the moment near the local offer zone of 110.350-110.650, the Price Action pattern, Bearish Engulfing (H4 timeframe H4), was formed. It is necessary to pay attention to this situation. This formation indicates a continuation of the downward trend.

We recommend looking for entry points to the market in order to open short positions if the price fixes below the local support of 109.750. The immediate goal for profit taking is 109.150. In the medium term, USD/JPY may reach the support level of 108.500. When tracking the position, it is better to use a trailing stop.

by JustForex, 2017.06.12

This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.

Open Account

Get Free Analytics

* required fields
Last Articles
All Articles
Choosing Currency Pairs in Forex Trading
The forex market is the most liquid one among other markets where banks, brokers, corporations, traders, investment and hedge funds actively participate in the exchanging operations and set the pace. In this article you will find out how to make this "currency choice" and meet your trading objectives.
Read more
The Best Time to Trade Forex in Malaysia
The forex market has its ups and downs throughout the day, meaning that the activity in the morning is completely different from the activity in the evening. As a trader, you want to enter the market at its most active hours. Read on to learn more about the most advantageous time for trading currency pairs in Malaysia.
Read more
What is the Best Time to Trade Forex in Indonesia
Your trading results depend on many things. One of them is the time of the day when you trade. This article is to help you build an optimal schedule for your profitable forex trades and find the best hours for trading forex in India.
Read more