Free Trial

Focus Is On The Bullish Engulfing Candle

EURJPY TECHS
  • RES 4: 127.88 0.618 projection of May - Jun rally from Oct 30 low
  • RES 3: 127.49/50 High Jan 7 / High Mar 1, 2019
  • RES 2: 126.87 High Jan 12
  • RES 1: 126.40 High Jan 19
  • PRICE: 126.31 @ 17:48 GMT Jan 22
  • SUP 1: 125.09 Low Jan 18
  • SUP 2: 124.79 100-DMA
  • SUP 3: 124.56 50% retracement of the November - January Rally
  • SUP 4: 123.72 2.0% 10-dma envelope

EURJPY recovered nicely off the Wednesday low. The focus is on Tuesday's recovery that in patterns terms, is a bullish engulfing candle. If correct, the pattern signals a potential reversal. More importantly, it also suggests the end of the recent corrective pullback from 127.49, Jan 7 high. A break of 126.21, Tuesday's high would open 126.76, Jan 13 high. Sub 125.09 levels would resume the downtrend.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.