USD/JPY: bears wipe the floor with bulls
There’s a “Hammer” at the achieved “Window”, but it hasn’t been confirmed yet. Therefore, an upward correction is likely going to begin, so we should keep an eye on the nearest resistance line. As we can see on the Daily chart, the price has reached the lower support. Moreover, the last black candle has a long shadow, so bulls are probably arriving to set up an upward correction.
We’ve got a confirmed “Harami” and a “Three White Soldiers” at the last low. Currently, here’s a possible “Engulfing” in progress. Therefore, a local downward movement becomes possible, but bulls will probably try to continue the upward correction, which was started yesterday.