USD/JPY: bullish "Engulfing" pattern

USD/JPY: bullish "Engulfing" pattern

2211usdjpyH4 (1).png

The upper "Window" is acting as resistance, but there's a bullish "High Wave" pattern. In this case, the market is likely going to test the 55 Moving Average, which could be a departure point for another decline.

2211usdjpyH1 (1).png

There's a bullish "Engulfing", which has been formed at the last local low, but confirmation of this pattern isn't enough. The main intraday target is the 144 Moving Average, which could act as resistance soon.




Morning brief for May 30

 Growing concerns over Greek bailout, early elections in Italy and comments by the ECB President Mario Draghi about the need to maintain the bank’s extraordinary amount of monetary policy support…

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