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

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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