There' a "V-Top" pattern, so the pair is likely going to test the closest support at 1.3996 - 1.3979. Meanwhile, if a pullback...
USD/JPY: price reached upper "Window"
The price has reached the upper "Window". If any bearish pattern forms, the pair is likely going to test the 21 Moving Average, which could be a departure point for another bullish rally.
There isn't any bearish pattern so far, cause all the last candles are bullish. Therefore, the market is likely going to test the nearest "Window" in the coming hours. If a pullback from this level happens, bears will have a green light to set up a downward correction.
We've got a bearish "High Wave", which has strong confirmation. In this case, the price is likely going to decline.
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…
The 144 Moving Average has acted as support, but there's a bearish "Engulfing' at the local high.