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

We recommend you to have a look at the actual figures of technical analysis.

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.