USD/JPY: candlestick analysis
There’s a local correction in progress on the 55 Moving Average line. The price has formed a new support level, where we can see a couple of “Engulfing Bullish” patterns. So, the upward correction has a reason to go even higher. As we can see on the daily chart, the middle of big white candle has been acting as a support, so the bullish scenario is a still actual.
We’ve got a flat on the one-hour chart. There’s a “Harami” and a “Three Black Crows” at the last maximum. Moreover, a bearish “Three Methods” on the 55 Moving Average line has arrived as well. So, it’s likely that the price is going to test the support levels once again.