At the moment near the local offer zone of 110.350-110.650, the Price Action pattern, Bearish Engulfing (H4 timeframe H4), was formed. It is necessary to pay attention to this situation. This formation indicates a continuation of the downward trend.
We recommend looking for entry points to the market in order to open short positions if the price fixes below the local support of 109.750. The immediate goal for profit taking is 109.150. In the medium term, USD/JPY may reach the support level of 108.500. When tracking the position, it is better to use a trailing stop.
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