USDJPY Bearish Engulfing 4-Hour Chart

Resistance: 78.62 moderate / 78.74 strong / 78.85 moderate

Support: 78.51 minor / 78.39 minor

The Bearish Engulfing in 4-Hour charts is a confirmation of the overall bearish trend. With a moderate resistance at, 78.62 consider shorts from the said price with a stop loss above it. Alternatively stops could be placed above the pattern high. Immediate objective is 78.51, break of which opens us to a sell-off to 78.39.

For pattern explanation and visual identification rules, click here.

GOLD Three Outside Down 4-Hour Chart

Resistance: 1667.62 strong / 1672.48 moderate / 1681.42 minor

Support: 1658.68 moderate / 1653.82 minor / 1644.88 minor

GOLD is in a bear market in 4-Hour charts. We have a high level bearish pattern in the Three Outside Down confirming market direction though proximity to a moderate support at 1658.68 suggests we should look for prices to push under said level before jumping in. Immediate target for sells will be 1653.82 then possibly a push on to 1644.88. Stops should be placed above the pattern high.

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