USD/JPY: 34 Moving Average acting as support

USD/JPY: 34 Moving Average acting as support

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The 34 Moving Average is acting as support, so there's a bullish 'High Wave' pattern. In this case, the market is likely going to test the upper 'Window' in the coming hours. A pullback from this level could be a departure point for a bearish correction.

1405usdjpyH1 (1).png

The price has broken all the Moving Averages. Meanwhile, if a pullback from the nearest resistance forms little later on, there'll be an opportunity to have a local downward correction towards the lower 'Window'.

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