USD/JPY: "Hammer" stopped bearish rally

USD/JPY: "Hammer" stopped bearish rally

1611usdjpyH4 (1).png

There's a "Hammer", which has stopped the last bearish rally. Considering yesterday's "Engulfing" pattern, the market is likely going to continue moving up towards the Moving Averages in the short term

1611usdjpyH1 (1).png

The price has reached the 34 Moving Average, but there isn't any reversal pattern for now. So, bulls are likely going to test the upper "Window", which could be a departure point for a short-term decline.

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