USD/JPY: "High Wave" and "Hammer"

USD/JPY: "High Wave" and "Hammer"


The price is consolidating, but we've got bullish patterns like a "High Wave" and a "Hammer". Therefore, the market is likely going to reach the nearest resistance level in the short term.


The upper "Window" has acted as resistance, so there's a bearish "Harami", which hasn't been confirmed yet. In this case, the price is likely going to test the 34 Moving Average, which could be a departure point for another bullish rally.




Morning brief for May 30

 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…

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