Indicators and patterns
9/13/2024
Indicators and patterns
The engulfing pattern is a technical analysis pattern that can signal a potential reversal in the market. In this case, we have identified a bearish engulfing pattern on the USD/JPY currency pair on the 15-minute timeframe. This pattern consists of a smaller bullish candle followed by a larger bearish candle that "engulfs" the previous candle, indicating a shift in momentum from bullish to bearish.The signal generated by this bearish engulfing pattern is to sell, as it suggests that the bears have taken control and the price may continue to move lower. The pattern occurred at a price of 141.14 on September 13, 2024, at 2:00 AM.
Traders and investors often use engulfing patterns as a part of their technical analysis to make informed decisions about entering or exiting trades. It is important to consider other factors such as market conditions, support and resistance levels, and overall trend direction when using engulfing patterns to make trading decisions.
This is not investment advice. Remember to verify the information provided here.
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