USD/JPY: new "engulfing bearish"
There’re a couple of reversal patterns such as a “High Wave” and an “Engulfing Bullish”, so it’s possible that we’ll see an upward movement towards the nearest resistance line. Yesterday’s bearish candle was closed under the “Window” on the Daily chart. It’s likely that we’re going to have a local correction, but bears have an opportunity to return to the market afterwards.
We’ve got an “Engulfing Bullish” and a “High Wave” at the last low, which have been confirmed. In case of the local “Engulfing Bearish” it’s likely to have a downward movement, but it’s a still possible to see bigger bullish correction.