USD/JPY: unending consolidation
We’ve got a “Shooting Star” and a “Tweezers” at the local high, but both patterns haven’t been confirmed yet. So, there’s an opportunity to see one more test of the nearest “Window”. If it acts as a support, bulls are likely going to reach the 34 Moving Average. As we can see on the Daily chart, here’s a consolidation under the nearest resistance level, but bears are still free to achieve the lower “Window” in the short term.
The price is moving up and down in a range of the Monday’s “Window”. We’ve got an “Engulfing” and a “Three Methods” patterns, so the market is likely going to reach the lower side of the range. However, if we see a pullback from this level, bulls will probably try to push the market a little bit higher.