Bullish Engulfing on USD/JPY

Bullish Engulfing on USD/JPY

This week the USD/JPY currency pair retained the key support level of 109.500. At the moment, purchases prevail on the market. On the daily chart, a classic pattern of the Price Action, Bullish Engulfing, was formed. This formation indicates a "bullish" sentiment.

We recommend considering buying USD/JPY if the price fixes above the level of 111.700. Confirmations and entry points to the market should be looked for on the smaller timeframes. The closest target for fixing profit is the resistance level of 112.750. In the medium term, USD/JPY may reach 114.250.

by JMarkets, 2017.06.16

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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