Price Action – EURJPY Gets Hammered After Engulfing Bar | Feb 25th

EURJPY
As the Euro and JPY pairs got brutalized today, the one that took it on the chops the most was the EURJPY, dropping over 600+ pips from top to bottom. After forming back to back pin bars on the 1hr chart today, the pair formed a large bearish engulfing bar on the 4hr chart, which was then proceeded by a channel break and massive selling losing over 400 pips in 4hrs.

Although a small rebound is natural, I expect the selling to continue, so will look to sell any rallies towards 122.54 and 122.83 for a second attack on the 119 lows.  Should this break, 118.27 and 117.58 are up next, but bearish pressure will likely remain as long term bulls have definitely taken profits and closed most if not all their previous longs.

bearish engulfing bar pin bar eurjpy price action 2ndskiesforex.com feb 25th

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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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  • prakash

    The same double pin bars occur in eur/usd also i think

    • Yes it did Prakash – all good signals.

      Kind Regards,
      Chris Capre

  • Flashmark

    Now eurjpy ranging around 120 area.Do you think get it down further?

    • Hello Flashmark,

      I only offer individual trade/market commentary to my course members which you are welcome to join via any of the courses.

      Kind Regards,
      Chris Capre