USD/JPY: Moving Average going to act as resistance
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The last “High Wave” pattern has been confirmed. However, if any bullish pattern arrives in the coming hours, the 34 Moving Average is going to be the main intraday target. Meanwhile, if a pullback from this line happens, bears will probably try to test the local low once again.
We’ve got a “Hammer” at the local low. Considering a confirmation of this pattern, bulls are likely going to test the 55 Moving Average, which could be a departure point to another decline.