USD/JPY:  bearish "Engulfing"

USD/JPY: bearish "Engulfing"

2707usdjpyH4-1.png

The 55 Moving Average has acted as resistance, so there's a bearish "Engulfing". However, we also have a bullish "Doji", so there's time for a local upward correction. Anyway, bears are likely going to test the last low in the short term.

2707usdjpyH1-1.png

The price has reached the 34 MA, but we don't have any reversal pattern so far. Therefore, bulls are likely going to test the middle of the black candle's group during the day. If any bearish pattern arrives afterwards, there'll be an opportunity to have another decline.

jpy

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