USD/JPY: bearish "Engulfing"

USD/JPY: bearish "Engulfing"

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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.

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