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: "High Wave" and "Three Methods"
We've got a bearish "Harami" at the local high. Therefore, bears are likely going to test the 21 and 55 Moving Averages. If a pullback from these lines happens, there'll be an opportunity to have another upward price movement towards the upper "Window".
The last "Window" has been broken, but there're a "High Wave" and a "Three Methods" patterns, so the price is likely going to test this "Window" once again. If we see a pullback from this level, bulls will have an option to deliver a new local high.
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.