USD/JPY: bears preparing to move on towards the low
Friday’s black candle has a huge shadow, which led to the current bullish correction. Also, there’s a confirmed bullish “Harami” at the local low. So, the market is likely going to reach the nearest resistance line, which could bring any bearish pattern later on. As we can see on the Daily chart, here’s a pattern similar to an “Inverted Hammer”, but its confirmation is a quite weak. Therefore, if we see a pullback from a resistance nearby there’ll be an opportunity for bears to move on.
The last “Window” had been successfully closed, so currently we’ve got a flat under it. However, there’s a bullish “Harami” at the local low. Therefore, the market is likely going to achieve the 89 Moving Average during the day.