USD/JPY: new low is coming because of "Engulfing"
There’s a bearish “Engulfing” on the 34 Moving Average, which has been confirmed enough. However, there’s also an opportunity to have a local correction towards the nearest “Window”. As we can see on the Daily chart, here’s an “Engulfing” at the local high, so bears are likely going to move on.
We’ve got one more “Engulfing” on the one-hour chart, which also has been confirmed enough. Therefore, sellers are likely going to reach the nearest support line, which could bring any bullish pattern afterwards.