Inside Bar and Bearish Engulfing on USD/JPY

Inside Bar and Bearish Engulfing on USD/JPY

Since the beginning of this month, there has been a correction on USD/JPY. The Price Action method indicates that the bearish sentiment still prevails on the currency pair. Near the round level of 113.000, a number of classic patterns, Inside Bar and Bearish Engulfing, (D1 timeframe) were formed. The closest support is 112.000. We recommend you to pay attention to this situation.

If the price fixes below the round level of 112.000, it is necessary to consider selling USD/JPY. The closest target for fixing profits is the level of 111.250. In the medium term, the USD/JPY currency pair can reach a "mirror" support level of 110.250. When tracking the position, we recommend using a trailing stop. Confirmations and entry points to the market should be looked for on lower timeframes.

by JustForex, 2017.11.22

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.

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