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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: "Tower" signalizes a beginning of bearish correction

USD/JPY: "Tower" signalizes a beginning of bearish correction

There’s an “Engulfing” at the last high, which has been confirmed. The last candles are bearish, so the market is likely going to reach the 34 Moving Average as the nearest support. If a pullback from this line happens, bulls will probably try to achieve the last high. As we can see on the Daily chart, there’re a “Harami” and a “Tower”, but their confirmation isn’t enough. Therefore, today’s candle is likely going to be black.

USD/JPY: "Tower" signalizes a beginning of bearish correction

We’ve got a “Harami” at the last high, but the current candle hasn’t closed under the nearest resistance. Previously, a “Three Methods” was formed, so the pair achieved the 89 Moving Average. If a pullback from this line happens, bulls will have a reason to move on. 

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