USD/JPY: "Tower" pushing price higher

USD/JPY: "Tower" pushing price higher

3005usdjpyH4.png

Resistance by the middle of the last huge black candle is still on the table. Also, we’ve got a “Hammer”, which hasn’t been confirmed yet. So, the pair is likely going to test the 21 Moving Average which could be a departure point for another decline.

3005usdjpyH1.png

The upper “Window” is acting as resistance, so there’s a bearish “Harami” pattern, which has weak confirmation. Therefore, the nearest support is likely going to be tested again. If a pullback from this level happens, bulls will probably try to deliver a new local high.

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