There was a notable reversal in the stock market on Wednesday. Have you noticed the reversal chart patterns?
USD/JPY: 'Three Methods' pattern
There's a 'Three Methods' pattern, so the price is likely going to test the next support at 110.58 in the short term. A pullback from this level could be a starting point for a local upward correction.
We've got a 'Hammer' pattern, which hasn't been confirmed yet. In this case, the market is likely going to test the 55 Moving Average shortly. If a pullback from this line arrives next, bears will probably try to reach the lower 'Window'.
The USD made decisive moves mostly with the exotic currencies - let's have a look to prepare for new market entries.
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