There was a notable reversal in the stock market on Wednesday. Have you noticed the reversal chart patterns?
USD/JPY: bullish 'Hammer'
There'a bullish 'Hammer', which has been formed on the lower 'Window'. In this case, the market is likely going to test the upper 'Window" pretty soon. If any bearish pattern forms afterwards, there'll be a moment for a downward correction.
There're two bearish 'Engulfing' patterns in a row so that we could have a local correction. Even so, bulls are likely going to reach the next resistance area little later on.
The USD made decisive moves mostly with the exotic currencies - let's have a look to prepare for new market entries.
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