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Focus Is On The Engulfing Pattern

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 22
  • PRICE: 126.01 @ 17:08 GMT Jan 26
  • SUP 1: 125.76 50-day EMA
  • SUP 2: 125.09 Low Jan 18
  • SUP 3: 124.80 100-DMA
  • SUP 4: 124.56 50% retracement of the November - January Rally

EURJPY attention remains on the Jan 19 recovery. In patterns terms, price action on this day 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. The breach Friday of 126.21, Jan 19 high opens 126.87, Jan 13 high. Key support is at 125.09, Jan 18 low. A break would negate the candle pattern and resume the downtrend.

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