USD/JPY: bearish "High Wave" pattern

USD/JPY: bearish "High Wave" pattern

0811usdjpyH4.png

The last bearish "Harami" led to the current decline, but the Moving Averages are acting as support. Also, there isn't any reversal pattern so far, which means the price is likely going to continue declining until any bullish pattern forms.

0811usdjpyH1.png

The 89 Moving Average has acted as resistance, so we've got a bearish "High Wave" pattern. In this case, the last low is likely going to be broken soon. If any reversal pattern arrives afterwards, we could have a bullish correction towards the nearest resistance.

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