USD/JPY: bulls going to test MA

USD/JPY: bulls going to test MA

2019-11-11 • Updated

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We've got a "Hammer" at the last local low, but a confirmation of this pattern is a quite weak. So, the price is likely going to test the 55 Moving Average in the coming hours. However, if a pullback from this line arrives afterwards, bulls will probably try to test the nearest resistance.

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The 34 Moving Average has acted as resistance, but we've got a bullish "Harami", which hasn't been confirmed yet. Therefore, the pair is likely going to test the closest resistance, which could be a departure point for another bearish price movement.

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