There' a "V-Top" pattern, so the pair is likely going to test the closest support at 1.3996 - 1.3979. Meanwhile, if a pullback...
USD/JPY: "Harami" led to decline
The price has been declining since a "Harami" pattern formed. Also, there isn't any reversal pattern so far, which means bears are likely going to test the next support level in the short term. If any reversal pattern arrives afterwards, bulls will probably try to deliver an upward correction.
The last bearish "Shooting Star" pattern led to the current decline. However, we've got a bullish "Doji", but this pattern hasn't been confirmed yet. So, we could have just an upward correction and a decline afterwards.
We've got a bearish "High Wave", which has strong confirmation. In this case, the price is likely going to decline.
Growing concerns over Greek bailout, early elections in Italy and comments by the ECB President Mario Draghi about the need to maintain the bank’s extraordinary amount of monetary policy support…
The 144 Moving Average has acted as support, but there's a bearish "Engulfing' at the local high.