USD/JPY: "Window" could force the bullish correction
We’ve got a bullish “Harami” at the last low, which has been confirmed, so there’s a local correction in progress. Therefore, the market is likely going to reach the nearest resistance line, which can reverse the price movement into the bearish direction. As we can see on the Daily chart, here’s a “High Wave” at the local low, but we haven’t got a confirmation for this pattern. So, bears are probably going to deliver a new low afterwards.
There’re a “High Wave” and a “Harami” at the local low, which both have been confirmed. Also, we’ve got a “Shooting Star”, so bears are still in the game. However, if the nearest local “Window” acts as a support, we could see a new local high very soon.