USD/JPY: "Shooting Star" points to a possible new local low
We’ve got a “Harami” at the local high, but its confirmation is still developing. So, the price is likely going to reach 55 Moving Average, which could act as a support. As we can see on the Daily chart, there’s an “Engulfing” at the last high, but it hasn’t been confirmed yet. If the price gets a resistance on the 34 Moving Average, then a decline toward the 21 Moving Average becomes possible.
There’s a consolidation in progress. Also, we’ve got a bearish “Shooting Star” at the local high. Therefore, the market is likely going to continue the current downward movement.