USD/JPY: "Engulfing Bearish" points to a new downward movement
There’s a “Doji” at the local high, which has been confirmed enough. So, the price is likely going to reach the 34 Moving Average shortly. As we can see on the Daily chart, we’ve got an unconfirmed “Engulfing”. If it confirms, bears will probably try to return into the market.
We’ve got a “Harami” at the last high, which has been confirmed. Also, there’s an “Engulfing” on the 55 Moving Average, so the pair is likely going to get a resistance on the 21 Moving Average. If a pullback from this line arrives later on, a downward movement becomes possible.