USD/JPY: bears are going to advance the attack
The market has been falling down since an “Evening Star” arrived at the last high. There’s a possible “High Wave” at the local low, but this pattern hasn’t been confirmed yet, so any expectation about the coming upward correction is ahead of the game. Therefore, bears are likely going to move on until any confirmed reversal pattern forms. As we can see on the Daily chart, we haven’t got bullish patterns so far, which opens the floodgates for the next bearish steps.
There’s an “Engulfing” at the local low, but after a while the next “Engulfing” arrived at the last high, which is likely going to be confirmed by the developing black candle. So, the market is probably going to reach the nearest support during the day.