USD/JPY: "Engulfing" points to coming correction
We’ve got a “High Wave” and an “Engulfing”, which both led to the current upward price movement. However, if bulls be stopped by the upper “Window”, there’ll be an opportunity to see a downward correction.
There’s an “Engulfing” pattern at the local high, which has been confirmed enough. So, the market is likely going to decline towards the 34 Moving Average. At the same time, if a pullback from this line happens, bulls will probably try to reach the upper “Window”.