USD/JPY: bearish "Engulfing" arrived
There’s a support by the nearest Moving Averages. Also, we’ve got a “Shooting Star” at the last high, but this pattern hasn’t been confirmed yet. Therefore, the market is likely going to reach the closest support line in the short term. If we see a pullback from this level, there’ll be an opportunity to have another bullish price movement. As we can see on the Daily chart, here’s a “Harami” pattern, which has been strongly confirmed, so bulls will have a chance to deliver a new local high.
We’ve got a “Hammer” and a “High Wave” patterns on the one-hour chart. However, there’s a bearish “Engulfing” pattern, which points to a possibility to see a local downward correction. In this case bears will probably try to break the nearest Moving Averages soon.