USD/JPY: "Window" has been waiting for bears
The market has been falling down and formed a “Three Methods” pattern on the way. The price reached the current support line, so it’s likely to see any kind of bullish pattern and a local rise afterwards. Therefore, this possible movement will be just a correction, so bears are probably going to get a support on the nearest “Window”. As we can see on the Daily chart, the last candles are bearish and we don’t have any reversal patterns so far. Under these circumstances, today’s candle is likely going to be the black one.
There’s a bearish trend in progress without any reversal patterns. Previously, a “Shooting Star” was formed at the last high, which led to the current decline. If we see a pullback from the already reached support line, then a bullish correction will likely try to get a resistance on the 21 Moving Average. If any bearish patterns appears on this line, then a downward movement will have a huge chance to be continued.