USD/JPY: "Harami" is pushing bulls to renew the last high
The pair faced a support at 1.1124, which brought a “Double Bottom” pattern. Therefore, the price is likely going to achieve a resistance area between the 55 Moving Average and the level at 1.1200. Considering a possible pullback from this area, bears will likely try to resume the current downward trend. As we can see on the Daily chart, here’s a “Harami” on the 13 Moving Average, so buyers are probably going to get a resistance on the 34 Moving Average.
There’s a “Hanging Man” at the last high, but also we’ve got a “Harami” on the 21 Moving Average. So, the market is likely going to reach the maximum, which was formed in 2014.