Bullish Engulfing on USD/JPY

Bullish Engulfing on USD/JPY

The current technical pattern indicates a possible correction of the USD/JPY currency pair. The trading instrument held a key support level of 108.750. Near this mark, the pattern of the Price Action, Bullish Engulfing, was formed (H4 timeframe). In the near future, purchases may prevail on USD/JPY. We recommend you to pay attention to this situation.

If the price fixes above the local resistance of 109.500, you need to look for entry points to the market to open long positions. The immediate goal for profit taking is the round level of 110.000. Confirmations and entry points to the market should be looked for on the lower timeframes.

by JustForex, 2017.08.22

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
Full Guide to Forex Trading in Nigeria
In Nigeria, Forex trading is skyrocketing because many people move to this market. It enables the Nigerian economy to develop. Therefore, many people ask whether it's easy to trade in Nigeria or not. So, let's consider all the particularities of Forex trading in Nigeria.
Read more
The Best Time to Trade USD/CAD
The US dollar and Canadian dollar form one of the most popular currency pairs. It represents a significant quota of daily trade. It's popular among both professionals and ultimate newbies.
Read more
Full Guide to Forex Trading in South Africa
Forex trading is a popular form of short-time investment and a source of additional or main income for many people all over the world. Forex trading is available in South Africa, but many potential traders just do not know how to make the first steps in this field. This full beginner’s guide explains the base of Forex and its key terms.
Read more