USD/JPY: "Hammer" stopped bears
There’s a local correction inside the main downward trend. Previously, a “Hammer” arrived the local low. So, the market is likely going to test the 55 Moving Average in the short term. If a pullback from this line happens later on, there’ll be a chance to see another bearish rally. The same story is on the Daily chart, where we’ve got a “High Wave” at the local low, so the price is free to achieve the nearest resistance line.
We’ve got a strong bullish “Hammer” at the local low, which brought a “Three White Soldiers” afterwards. Bulls successfully broken the last “Window”, so the current upward correction is likely going to move on during the day.