Forex Price Action – EURJPY Inside Bar Pin Bar Combo | Jan 15th
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.
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Make sure to check out my latest article 2 Price Action Tips for Beginning Traders
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