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Galina has been using the Japanese Candlesticks in trading since 2004. Meanwhile, she has wrote dozens of articles about these patterns, because nowadays it's possible to see a lot of things that couldn't be discovered in the good old days. Everyday Galina share her expert opinion about EUR/USD and USD/JPY on the fxBazooka.com.

USD/JPY: "Hammer" points to a possible correction

Galina Svetlova

USD/JPY: "Hammer" points to a possible correction

The price has landed on the nearest support line. We haven’t got any reversal patterns so far, but the last bullish candles could be a sign for a local upward correction. If we see a pullback from the upper Moving Averages, then the price is likely going to decline again. As we can see on the Daily chart, here's an “Engulfing Bearish” on the 13 Moving Average, so today's candle is probably going to be a bearish one.

USD/JPY: "Hammer" points to a possible correction

The main trend on the one-hour chart is bearish, but we've got a “Harami” and an “Inverted Hammer” at the local minimums. At the same time, the price hasn't broke the highs of two “Three Methods” patterns, so the possible rise is likely going to be just a local correction.

JPY
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