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Market Trend - Bearish Engulfing at USD/JPY?
Technical Signal / Analysis on USD/JPY.
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Since the beginning of this week, the USD/JPY currency pair has been traded in a flat. Shortly, the bearish sentiment may prevail in the trading instrument.
Near the local offer zone of 112.250-112.400, a classic pattern of the Price Action, Bearish Engulfing, has been formed (H1 timeframe), which is currently signaling a downward trend. The USD/JPY quotes are testing the round level of 112.000.
If the price fixes below the level of 112.000, you need to look for entry points to the market to open short positions.
The immediate goal for profit taking is the support level of 111.650.
The movement is tending to 111.500-111.250.
When tracking a position, we recommend using a trailing stop!
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