Free Trial

Monitoring The Bearish Engulfing

USDJPY TECHS
  • RES 4: 116.87 High Jan 1, 2017
  • RES 3: 116.09 1.764 proj of Apr 23 - Jul 2 - Aug 4 price swing
  • RES 2: 115.51 High Mar 10, 2017
  • RES 1: 114.99 1.50 proj of Apr 23 - Jul 2 - Aug 4 price swing
  • PRICE: 114.66 @ 15:38 GMT Nov 22
  • SUP 1: 113.59 Low Nov 19
  • SUP 2: 112.85/73 50-day EMA / Low Nov 9
  • SUP 3: 112.08 High Sep 30 and a recent breakout level
  • SUP 4: 111.51 Low Oct 8

USDJPY remains in an uptrend and last week's break of 114.70, Oct 20 high confirmed a resumption of this trend. However, recent gains have stalled and price action on Nov 17 is a potential concern for bulls. The price pattern on this day is a bearish engulfing candle and represents a short-term reversal pattern. A deeper pullback would expose key support at 112.73, Nov 9 low. Clearance of 114.97, Nov 17 high would remove bearish concerns.

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.