Forex Price Action – EURJPY Inside Bar Pin Bar Combo | Jan 15th

EURJPY
Forming a host of price action setups lately, the EURJPY earlier today formed a LH & bearish engulfing bar combo, which suggests short term topping.  I suspected this based on the extreme price action as of late in my weekly market commentary.

Just recently, the pair broke and closed below the 20ema for the first time in 6 days.  In the process, it formed an inside bar + inverted pin bar combo.  Keep in mind, in a down leg, an inverted pin bar is really just a failed attempt to rally.  Since then, the pair has formed a pin bar of an intraday support level at 117.57, but now is attacking those lows.  If this level breaks, expect more profit taking from bulls, which would suggest a possible unwinding to 116.00.

inside bar inverted pin bar price action 2ndskiesforex.com jan 15th

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Buddhist, Trader and Philanthropist

I'm Chris Capre, Founder of 2ndSkiesForex. I help traders of all levels change the way they think, trade and perform. As a professional trader, I specialize in trading price action. As a teacher, my passion lies in showing you how to re-wire your brain for successful trading. Want to improve your edge right now? Visit my Price Action Course page.

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  • Adebisi Jamiu

    Dear chris,
    The analysis was fantastic i have been hoping when eurjpy will retrace but with this article it has given more knowledge about it. Another thing is that the way those candles appeared on my platform is different from the way it appeared on yours i thinks it is the broker difference in time but yet i got the message.
    Thanks a lot!!!