USD/JPY: bearish "Engulfing"

USD/JPY: bearish "Engulfing"

2706usdjpyH4.png

We've got a bearish "Engulfing", which has been confirmed enough. Therefore, the pair is likely going to test the 55 Moving Average, which could be a departure point for another bullish rally.

2706usdjpyH1.png

The 34 Moving Average has acted as support, so we've got a bullish "Hammer" on this line. If this pattern confirms, the price is likely going to test the nearest resistance. Nevertheless, bears will probably try to test the 55 MM afterwards.

jpy

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