There was a notable reversal in the stock market on Wednesday. Have you noticed the reversal chart patterns?
USD/JPY: price declining because of 'High Wave'
The price is declining because of the last 'High Wave' pattern. The main intraday target is the next support at 109.54. If a pullback from this level happens little later on, there'll be a green light for a rally in the direction of the upper 'Window' (110.94).
All the Moving Averages have been broken. Meanwhile, if a pullback from the nearest support at 109.87 happens next, there'll be an opportunity to have a bullish correction towards the upper 'Window' (110.21).
The USD made decisive moves mostly with the exotic currencies - let's have a look to prepare for new market entries.
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