The market is going to test the closest support at 1.4069 - 1.4027. If a pullback from these area happens little later on...
USD/JPY: "Shooting Star" led to decline
The last "Shooting Star" led to the current decline. The main intraday target is the lower "Window". If a pullback from this level happens little later on, there'll be a moment for an upward correction.
The price has been declining since a bearish "Harami" formed on the Moving Averages. There's no any reversal pattern so far, which means the market is likely going to continue moving down in the short term.
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.