EUR/JPY testing double top – Can bearish engulfing get us more selling? - Forex News by FX Leaders
EUR/JPY - 4 Hour Chart

EUR/JPY testing double top – Can bearish engulfing get us more selling?

Posted Monday, August 27, 2018 by
Arslan Butt • 1 min read

What’s up, traders.

The market seems to be a bit slow today as the investors are out for the summer holiday. As per the recent release, the Germany August Ifo business climate index jumped to 103.8 vs 101.8 forecast, underpinning the EUR/JPY.

Earlier today, we opened a forex trading signal to take a sell position below 128.97 to target 128.700. Here’s an update on our trade.

EUR/JPY - 4 Hour Chart

EUR/JPY – 4 Hour Chart

On the 4 – hour chart, the EUR/JPY is trading under a double top resistance level of 129.450. Here you can also see a bearish engulfing candle, which is suggesting a bearish sentiment of investors.

The immediate support prevails at 128.700 and the violation of this can extend the bearish rally until 128.250. On the flip side, the bullish breakout of 129.450 can lead the pair towards 130.250.

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About the author

Arslan Butt // Index & Commodity Analyst
Arslan Butt is our Lead Commodities and Indices Analyst. Arslan is a professional market analyst and day trader. He holds an MBA in Behavioral Finance and is working towards his Ph.D. Before joining FX Leaders Arslan served as a senior analyst in a major brokerage firm. Arslan is also an experienced instructor and public speaker.
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