USD/JPY: "Window" has been waiting for bulls
There’s a bullish “Harami” at the local low, but its confirmation is a quite weak. So, there’s an opportunity to have a local upward correction towards the nearest “Window” and the 34 Moving Average. If we see a pullback from these levels, bears will probably try to deliver a new low. As we can see on the Daily chart, here’s a confirmed “Engulfing”, so the market is likely going to decline until any bullish pattern arrives.
We’ve got a local consolidation on the one-hour chart. There’s an “Engulfing” at the local low, which has been confirmed enough. Therefore, the 34 & 55 Moving Averages are likely going to act as a resistance in the short term.