USD/JPY: "Three White Soldiers" marching in lockstep towards the last high
There’s a “Harami” at the local low and on the 89 &34 Moving Averages. This pattern has been confirmed, so the market is likely going to reach the nearest resistance. As we can see on the Daily chart, we’ve got a “Harami” and a “Tower” on the 21 Moving Average, but their confirmation has been canceled by the last bullish “Harami”. Therefore, the pair is likely going to get a resistance on the 34 Moving Average, which can bring any kind of bearish pattern afterwards.
As we can see on the one-hour chart, there isn’t any clear bullish pattern so far. We’ve got just huge shadows at the local low and two “Harami” patterns. Under this circumstances, the market is likely going to try break the high of 2014 once again.