USD/JPY: "High Wave" pattern

USD/JPY: "High Wave" pattern

1412usdjpyH4 (2).png

There's an "Inverted Hammer", but confirmation of this pattern is a quite weak. So, we could have just a local upward correction in the short term. Nevertheless, bears are likely going to test the lower "Window" afterwards.

1412usdjpyH1 (2).png

The last "High Wave" pattern is still unconfirmed. Therefore, the market is likely going to decline during the day. Anyway, bulls will probably try to test the Moving Averages little later on.




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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