USD/JPY: “Three Black Crows” fly together
There's an “Engulfing” on the 144 Moving Average, which has been confirmed. Therefore, the market is likely going to get a support on the 34 Moving Average. If so, the price will continue the current bullish movement afterwards. As we can see on the Daily chart, the pair has already achieved the 61.8% fibo retracement. Today’s candle is in progress and we haven’t got any reversal patterns so far. Under this circumstances, the middle of the last huge white candle can act as a support. If so, bulls will show their power soon.
We’ve got an “Evening Star” and a “Three Black Crows” at the last high, which both have a good confirmation. At the same time, there’s a “Hammer” at the local low, so a local upward correction becomes possible during the day. However, bears will likely try to taste the maximum, which was formed in 2014.