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Pin Bar on EUR/JPY

Pin Bar on EUR/JPY

On Friday, January 26, aggressive sales were observed on the EUR/JPY currency pair. The trading instrument came out of a rather protracted flat. The Price Action method indicates the possibility of further EUR/JPY quotations fall. Near the "mirror" resistance level of 135.300 a number of Pin Bar classical patterns (H4 timeframe) was formed, which at the moment are the formations of continuation of the current trend. The 134.600 level is the nearest support. We recommend you to pay attention to this situation.

If the price fixes below the 134.600 mark, it is necessary to consider sales of EUR/JPY. The immediate goal of profit taking is the support level of 134.200. In the medium term, EUR/JPY can reach the level of 133.700-133.100. When following the positions, we recommend using a trailing stop. Confirmations and entry points to the market should be looked for on lower timeframes.

by JustMarkets, 2018.01.29

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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