USD/JPY: bearish "Tower"

USD/JPY: bearish "Tower"

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We've got a local bearish correction inside the main bullish trend. Considering the last "Engulfing" pattern, the market is likely going to test the 21 Moving Average, which could be a departure point for another upward price movement towards the next "Window".

1105usdjpyH1.png

There's a "Tower' pattern, which led to the current decline. The price has reached the 34 Moving Average, so we could have a local bullish correction. Nevertheless, bears are likely going to continue pushing the price even lower.

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Narrowing bearish Ichimoku Cloud with rising Senkou Span A; a dead cross of Tenkan-sen and Kijun-sen, but rising Tenkan-sen; the bulls could breakout the Kijun’s resistance.

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