There was a notable reversal in the stock market on Wednesday. Have you noticed the reversal chart patterns?
USD/JPY: price to test the closest support
There's a bearish 'High Wave', so the pair is likely going to test the closest support at 110.24 soon. A pullback from this level could be a starting point for a bullish price movement towards the next resistance at 111.34.
We've got a 'Shooting Star' at the last local high. So, we should keep an eye on the nearest support at 110.28 as an intraday target. If a pullback from this level forms next, there'll be a green light for another bullish rally.
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