USD/JPY: bears going to deliver new low

8 September 2016, 16:15
Eko Rediantoro

There’s a bearish “Harami” at the local high, but its confirmation isn’t enough. So, the market is likely going to test the nearest “Window” once again. If we see a pullback from it, there’ll be an opportunity to have another decline. As we can see on the Daily chart, the last “Hammer” remains unconfirmed, so bears are likely going to move on.

The price has been falling down since an “Evening star” was formed at the last high. Also, there’s a strong resistance by the nearest “Window” and the Moving Averages. We’ve got an “Engulfing”, but its confirmation is a quite weak. Therefore, it’s likely to see another test of the “Window”. If there’s a pullback from it, bears are likely going to deliver a new low.

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