USD/JPY: 'Morning Star' led to consolidation

USD/JPY: 'Morning Star' led to consolidation

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The last 'Morning Star' led to the current consolidation. Meanwhile, the market hasn't fixated above the upper 'Window'. In this case, the pair is likely going to achieve the 89 Moving Average, which could act as support.

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There's a bearish 'Engulfing', which has been confirmed. Also, there isn't any bullish pattern so far, which means the pair is going to continue declining in the direction of the next support area.

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USD/JPY: dollar is overbought

Narrowing bearish Ichimoku Cloud with rising Senkou Span A; a golden cross of Tenkan-sen and Kijun-sen; Dollar is going to positive area, but the market is overbought now.

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