Bearish Engulfing on EUR/JPY

Bearish Engulfing on EUR/JPY

In the near future, a corrective movement may develop on EUR/JPY. Near the round level of 129.000, a pattern of the Price Action, Bearish Engulfing, emerged, which indicates the development of a downward trend. We recommend you to pay attention to this situation.

If the price fixes below 129.000, one should look for entry points to the market to open short positions. The immediate goal for fixing profits is the local demand zone of 128.500-128.700. In the medium term, the EUR/JPY currency pair can reach a round level of 128.000. When tracking the position, we recommend using a trailing stop.

by JMarkets, 2017.07.19

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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