USD/JPY: "Engulfing Bearish" points to a possible correction
The price has been rising dramatically fast since a “Harami” arrived on the 34 Moving Average. Finally, a “Gravestone Doji” was formed at the local high, which points to a possible local correction. So, the market is likely going to reach the nearest support line, which can help bulls to deliver a new high afterwards. As we can see on the Daily chart, there’s a support by the 13 Moving Average. So, the price is probably going to rise until any bearish pattern arrives.
There’s a bullish trend in progress. However, an “Engulfing” at the local high, but is hasn’t been confirmed yet. Therefore, the pair is likely going to reach the nearest support, which could bring a bullish pattern.