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Bearish Engulfing on EUR/JPY

Bearish Engulfing on EUR/JPY

The EUR/JPY currency pair has been declining after a continuous consolidation. The euro is still under pressure amid weak economic releases on business activity. The current technical pattern signals a further drop in the EUR/JPY quotes. A classic pattern of Price Action, Bearish Engulfing, has been formed in the trading instrument (H1 timeframe), which indicates the bearish sentiment. At the moment, the EUR/JPY currency pair is testing the local support of 125.800. We recommend paying attention to this situation.

If the price fixes below 125.800, you should consider selling EUR/JPY. The immediate goal for profit taking is the "mirror" support of 125.450. The movement is tending to the round level of 125.000. When tracking positions, we recommend using a trailing stop.

by JustMarkets, 2019.04.18

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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