USD/JPY: new minimum is coming soon because of "Three Methods"
The bearish trend is still on the table. We’ve got a “Three Methods” pattern , so the market is likely going to decline towards the nearest support level. As we can see on the Daily chart, the last candles are bearish, which means we haven’t got any reversal bullish pattern so far. Therefore, the pair is probably going to achieve the lower “Window” soon.
There’s a strong resistance by the 21 Moving Average. Also, we’ve got a “Hammer” at the local low, which has been confirmed enough. So, the market is likely going to test the 21 Moving Average once again during the day. If a pullback from this line happens later on, there’ll be an opportunity to have a new low shortly.