USD/JPY: 89 Moving Average acting as support

USD/JPY: 89 Moving Average acting as support

3010usdjpyH4-1.png

There's a bearish "Engulfing", which has been confirmed, so the price is declining. The main intraday target is the 34 Moving Average, which could be a departure point another bullish rally.

3010usdjpyH1-1.png

The 89 Moving Average is acting as support, so we've got a "Hammer" and a "Tweezers" on this line. However, confirmation of these patterns is a quite weak. So, we could have a local upward correction and the following decline little later on.

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