Bullish Engulfing and Pin Bar on USD/JPY

Bullish Engulfing and Pin Bar on USD/JPY

The current technical pattern signals a possible correction of the USD/JPY currency pair after a continuous fall. Near the round level of 107.000, some classic patterns of the Price Action, Bullish Engulfing, and Pin Bar, (D1 timeframe), which currently act as reversal formations, have been formed. The USD/JPY quotes are consolidating near the local resistance of 108.150. We recommend paying attention to this situation.

If the price fixes above 108.150, you should consider buying USD/JPY. The immediate goal for profit taking is a round level of 109.000. In the medium term, the trading instrument may reach 109.750-110.600. Confirmations and entry points to the market should be looked for on lower timeframes. When tracking positions, we recommend using a trailing stop.

by JustForex, 2019.06.27

Este artículo representa una opinión personal y no debe interpretarse como un consejo de inversión, y/u oferta, y/o una petición persistente para llevar a cabo transacciones financieras, y/o una garantía, y/o un pronóstico de eventos futuros.

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