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