USD/JPY: "Inverted Hammer" pattern

USD/JPY: "Inverted Hammer" pattern

2811usdjpyH4 (1).png

There's an "Inverted Hammer", but this pattern remains unconfirmed. In this case, the 21 Moving Average is likely going to act as support. If so, we could have just another decline little later on.

2811usdjpyH1 (1).png

We've got a bullish "Hammer", which has been formed on the lower "Window". So, the market is likely going to test the 89 Moving Average in the coming hours.

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Bulls faced with resistance at 1.2029, so the price is likely going to decline towards the nearest support area at 1.2003 - 1.1975...

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