USD/JPY: "Hammer" on 34 Moving Average

USD/JPY: "Hammer" on 34 Moving Average

0210usdjpyH4-1.png

The 34 Moving Average has acted as support, so we've got a "Hammer" in this line. Therefore, bulls are likely going to test the upper "Window" in the short term. If a pullback from this level happens later on, we could have a downward correction.

0210usdjpyH1-1.png

There's a bearish "Engulfing", which has been formed at the last local high. So, there's an opportunity to have a downward correction in the coming hours. If a pullback from the 55 Moving Average arrives afterwards, bulls will probably try to deliver another upward price movement.

jpy

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