USD/JPY: "High Wave" on the local high

USD/JPY: "High Wave" on the local high

0711usdjpyH4 (1).png

There's a bullish "Engulfing", which has been formed on the 34 Moving Average. Considering confirmation of this pattern, the price is likely going to test the closest resistance area once again.

0711usdjpyH1 (1).png

We've got a "High Wave" pattern on the local high, so the pair is likely going to test the 89 Moving Average. If a pullback from this line happens little later on, we could have another bullish price movement.

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