USD/JPY: "Shooting Star" led to correction
There’s a support by the 21 & 13 Moving Averages. However, we’ve got an “Engulfing” on the upper “Window”. So, bears are likely going to reach the 34 Moving Average in the short term. As we can see on the Daily chart, there’s a resistance by the nearest “Window” and the 55 Moving Average. Therefore, there’s an opportunity to see a local downward correction.
We’ve got a consolidation, which is taking place along the Moving Averages. Previously, a “Shooting Star” has been formed at the local high. So, bears are likely going to achieve the closest support line during the day.