USDJPY Bearish Engulfing – Potential Interim Reversal at 80.00 Handle

October 27, 2012 in Forex Analysis

USDJPY Bearish Engulfing – Potential Interim Reversal at 80.00 Handle

  • USD/JPY printed a bearish engulfing candle at the 80.00 handle – a key psychological level for the dollar/yen currency pair. 
  • The bearish engulfing line is a technical chart pattern which consists of a white/upside candle, which is then followed by a black candlestick that has completely eclipsed the prior move.  This forms after price moves above the prior days high (potentially trapping longs), and closes underneath – thus engulfing the previous days price action.
  • Yen-cross selling was likewise the order of the day on Friday as the market retraced gains printed earlier in the week.
See our Forex Weekly Analysis update.
USD/JPY Analysis
USDJPY Bearish Engulfing Candle – (D1)

USD/JPY Analysis : Bearish Engulfing

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