Resistance: 93.60 strong / 93.92 moderate / 94.27 minor
Support: 93.25 moderate / 92.94 minor / 92.59 minor
Bearish Engulfing is just under the pivot point in USDJPY Hourly charts, a moderate bearish pattern below a strong resistance. Given proximity to 93.60, we can consider shorts under the said price with stops placed above the Pivot Point for a low risk-high reward trade. Immediate objective is 93.25 then on to 92.94 break of which gives us a run on the market.
For pattern explanation and visual identification rules, click here.
Learn more about the chart patterns and how to recognize them in our Learning Center: Japanese Candlesticks - A Way To aLook At Prices
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