USD/JPY: Moving Average going to act as resistance

USD/JPY: Moving Average going to act as resistance

USD/JPY: Moving Average going to act as resistance

The last “High Wave” pattern has been confirmed. However, if any bullish pattern arrives in the coming hours, the 34 Moving Average is going to be the main intraday target. Meanwhile, if a pullback from this line happens, bears will probably try to test the local low once again.

USD/JPY: Moving Average going to act as resistance

We’ve got a “Hammer” at the local low. Considering a confirmation of this pattern, bulls are likely going to test the 55 Moving Average, which could be a departure point to another decline.

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Narrowing bearish Ichimoku Cloud with rising Senkou Span A; a dead cross of Tenkan-sen and Kijun-sen, but rising Tenkan-sen; the bulls could breakout the Kijun’s resistance.

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