USD/JPY: "High Wave" points to a possible upward correction
There’re a “Shooting Star” and a “High Wave” on the 144 Moving Average. So, the market is likely going get a support on the nearest “Window” once again. As we can see on the Daily chart, we’ve got a “Harami”, but it hasn’t been confirmed yet. Therefore, it’s very likely to see the second test of the closes support line.
The price has been falling down since an “Engulfing” formed at the last high. Also, we’ve got a “Hammer” at the local low, but its confirmation is a quite weak. So, bulls are likely going to get a resistance on the 34 Moving Average.