USD/JPY: 'Shooting Star' points to correction

USD/JPY: 'Shooting Star' points to correction

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There's a 'Shooting Star', so there's an opportunity to have a local downward correction. In this case, we should keep an eye on the nearest support at 112.71 as a possible departure point for another bullish rally.

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We've got a bearish 'High Wave'. So, the price is likely going to test the 34 Moving Average (112.71) shortly. If this line acts as support, bulls will probably try to reach the upper 'Window' (113.53).

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