USD/JPY: "Dark Cloud" hangs over the maximum
There's a lot of bearish pressure as we've got an “Engulfing” and a “Belt Hold” patterns. The current correction is likely going to be continued towards the 34 Moving Average. If the price gets a support on this line, it'll be a chance for bulls to return to the market. As we can see on the Daily chart, the pair hasn't found a lodgement above the 61.8% fibo retracement, so we've got a “Dark Cloud” pattern. The price is likely going to reach the nearest support line, which can help bulls to stop bears.
Here’re an “Evening Star” and a “Three Black Crows”, which both have worked well, so we've got a decline. Considering a “Three Methods” pattern, the market is likely going to reach the 55 Moving Average and the maximum, which was formed in 2014.