USD/JPY: consolidation between the 34 & 89 MA

USD/JPY: consolidation between the 34 & 89 MA

3006usdjpyH4.png

The price couldn't fixate above the "Window", so there's a bearish "Engulfing" pattern. The 21 Moving Average is acting as support. So, bears are likely going to test the nearest support. If we see a pullback from this level, there'll be an opportunity to have a new local high afterwards.

3006usdjpyH1.png

The price is consolidating between the 34 & 89 Moving Averages, so there isn't any reversal pattern so far. Therefore, the market is likely going to test the nearest resistance level during the day.

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