USD/JPY: bullish "Hammer"

USD/JPY: bullish "Hammer"


We've got a bullish "Hammer", which has been confirmed. So, just after the local correction, the market is likely going to continue rising towards the nearest resistance area.


There are bearish patterns such a "Tweezers" and an "Engulfing", but both of them haven't been confirmed yet. In this case, the pair is likely going to test the 34 Moving Average in the short term. If a pullback from this line happens, we could have another bullish rally.




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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