USD/JPY Possible buying opportunity?
Market has reached a fib zone on the Daily chart, and on the H4 chart there is a possible double bottom formation forming (Bullish reversal pattern). A spinning top candle (Indecision candle), it could signal market exhaustion provided that there was buying that took place previously on that level. Although on the daily chart, there is no concrete evidence of any impending reversal that may take place yet (Bearish momentum still in tact). The market may drop further before it reverses. A hammer (Bullish Reversal candle) on the daily chart will be the deciding factor as the market shows “oversold” signs as well on the weekly chart. A trade worth consideration in the near future.