USD/JPY: "Three Line Strike" on the bearish trend
There's a “Three-Line Strike” at the local high, so the market is likely going to reach the 34 Moving Average. As we can see on the Daily chart, we haven’t got any reversal pattern so far, but there're an “Inverted Hammer” and a “Doji” at the last low, which both have been confirmed. Under this circumstances, today’s candle is likely going to be a white one.
The price has been rising since a lot of bullish patterns were formed at the last low. Currently, we’ve got a local correction on the 55 Moving Average. If we see a pullback from this line, bulls will have an opportunity to see the price higher in the short term.