Bullish Engulfing on USD/JPY

Bullish Engulfing on USD/JPY

This week the USD/JPY currency pair retained the key support level of 109.500. At the moment, purchases prevail on the market. On the daily chart, a classic pattern of the Price Action, Bullish Engulfing, was formed. This formation indicates a "bullish" sentiment.

We recommend considering buying USD/JPY if the price fixes above the level of 111.700. Confirmations and entry points to the market should be looked for on the smaller timeframes. The closest target for fixing profit is the resistance level of 112.750. In the medium term, USD/JPY may reach 114.250.

by JustForex, 2017.06.16

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
How to Become a Successful Forex Trader in Malaysia
With broad access to online brokerage services, everyone can become a trader these days. However, few people actually find success in FX. The reason might be that many of those who try trading skip some essential steps or simply do things wrong. Learn about the best ways to become a currency trader in Malaysia from this article.
Read more
How to Become a Forex Trader in Indonesia
Starting trading currencies in Indonesia is as easy as in the rest of the world. All you need to do is spend a few minutes of your time on opening a trading account and going through the verification process. However, this is hardly enough to start making money, let alone make a living out of forex trading. To learn about the best ways to trade currency in Indonesia, read this article.
Read more
Stop and Limit Orders in Forex
There are many gainful opportunities for traders in the forex market, but no one is immune to losses. That’s the reason why traders should employ an efficient trading strategy where both stop and limit orders go hand in hand with other essential aspects of the strategy.
Read more