USD/JPY: 'Shooting Star' led to consolidation

USD/JPY: 'Shooting Star' led to consolidation

2507usdjpyH4.png

The last 'Shooting Star' led to the current consolidation. Also, there's no any reversal pattern so far, which means the market is going to continue declining. The main bearish target is the lower 'Window' (100.20).

2507usdjpyH1.png

The market is still consolidating under the Moving Averages. There's a bearish 'High Wave', so the pair is likely going to test the nearest support at 110.74. This level could be a starting point for an upward correction towards the closest resistance at 111.39.

jpy

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