USD/JPY: "Inverted Hammer" brings bulls back to life
There’re a “Tower” and an “Inverted Hammer” at the local low, which both have been confirmed enough. The last candles are bullish, so the market is likely going to reach the 144 Moving Average in the short term. As we can see on the Daily chart, we’ve got a “Harami” and a “Tower”, but their confirmation isn’t enough. So, bulls will probably try to achieve the nearest resistance once again.
We’ve got a “Harami” on the 144 Moving Average, which led to the current rise. The 34 Moving Average was reached afterwards. Considering there isn’t any reversal pattern, bulls will likely try to achieve the 2014’s maximum.