USDJPY Bearish Engulfing Hourly Chart


Resistance: 79.51 moderate/79.70 minor/79.98 minor

Support: 79.23 strong/79.04 moderate/78.76 minor

Market appears to have a bullish bias in USDJPY Hourly charts. We also have a Bearish Engulfing and is well resisted by 79.51. With a medium level bearish reversal pattern consider shorts from just under 79.51 the immediate target a strong support, 79.23, the Pivot Point break of which opens 79.04 for a full trend reversal. Stop losses should be placed above 79.51.


GOLD Bullish Harami Hourly Chart


Resistance: 1621.38 moderate/1628.62 minor/1639.08 minor

Support: 1610.92 strong/1603.68 moderate/1593.22 minor

GOLD is generally bullish though prices are just under a moderate resistance at 1621.38. With Bullish Harami a low level bullish pattern it would be best to get a confirming candlestick before taking action. Consider buys on a close above 1621.38, stop loss ideally should be under 1610.92 though the pattern low may also be used for a stop. Immediate target is 1628.62 break of which could see a push on to 1639.08.

Learn more about the chart patterns and how to recognize them in our Learning Center: Japanese Candlesticks - A Way To aLook At Prices