USD/JPY: "Shooting Star" led to correction

USD/JPY: "Shooting Star" led to correction

USD/JPY: "Shooting Star" led to correction

There's a downward correction, which is taking place on the four-hours chart. However, bulls are likely going to test the nearest "Window", which could be a departure point for a decline towards the 34 Moving Average.

USD/JPY: "Shooting Star" led to correction

The 55 Moving Average has acted as support, so we've got a "Hammer" pattern on this line. Therefore, the market is likely going to test the nearest resistance by the "Window". If a pullback from this level happens, we could have another decline.

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