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Galina has been using the Japanese Candlesticks in trading since 2004. Meanwhile, she has wrote dozens of articles about these patterns, because nowadays it's possible to see a lot of things that couldn't be discovered in the good old days. Everyday Galina share her expert opinion about EUR/USD and USD/JPY on the fxBazooka.com.

USD/JPY: “Engulfing" highlights possibility to have new local low

USD/JPY: “Engulfing" highlights a possibility to have new local low

The nearest “Window” acted as a support, so we’ve got bearish patterns here such as an “Engulfing”, a “Doji”, a “Three Black Crows” and a new arrival “High Wave”. However, the last pattern has a quite weak confirmation. Therefore, the market is likely going to reach the 21 Moving Average soon. As we can see on the Daily chart, there’s a “Dark Cloud” pattern, but it hasn’t been confirmed yet, so the pair is likely going to test the closest support line, which could reverse the price movement into an upward direction.

USD/JPY: “Engulfing" highlights a possibility to have new local low

There’s a strong support by the 55 Moving Average, but we still don’t have any bullish  pattern so far. At the same time, we’ve got an “Engulfing” and a “Harami” at the last high, so the price is likely going to achieve the nearest support line.

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