USD/JPY: bears won the power
There're a “High Wave” and an “Engulfing Bullish” at the last low, so it’s likely to see an upward movement towards the nearest resistance in the short term. Anyway, it’s going to be just a correction. As we can see on the Daily chart, the “Window” was broken, but it can be tested once again during the current correction. If a pullback appears, then bears will have a chance to show their power.
We’ve got an “Engulfing” and a “High Wave”, which led to the current flat. As well as we have a “Shooting Star” at the last high, it’s likely to see a decline towards the nearest support line. If bears be stopped here, then bulls will probably try to reach the 55 Moving Average line and the resistance nearby.