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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: "Engulfing Bearish" points to a possible correction

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.

USD/JPY: "Engulfing Bearish" points to a possible correction

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.

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