USD/JPY: "Inverted Hammer" sent the market up
There’s a bullish movement, which is taking place on the four-hour chart. We’ve got a “Shooting Star” at the local high, but it hasn’t been confirmed yet. Therefore, there’s an opportunity to have a local correction towards the nearest “Window”. If a pullback from this level happens, bulls are likely going to deliver a new high. As we can see on the Daily chart, here’s a bullish “Harami” at the last low. So, the market is likely going to reach the nearest resistance in the short term.
The last “Inverted Hammer” led to massive bullish rally on Friday. However, there’s an “Engulfing” at the local high, which has been confirmed by the “Three Black Crows” pattern. Under this circumstances, it’s likely to see a support by today’s “Window”. Considering a possible pullback from this level, we can have a new high soon.