USD/JPY has formed a bearish Hanging Man Japanese candlestick pattern (circled) at key chart highs in the 151.000s on Friday, suggesting a heightened risk of a short-term reversal and pullback.
USD/JPY forms a bearish candlestick pattern at the multi-year highs. A bearish close on Friday would enhance the possibilities of a pullback. The BoJ has historically intervened to strengthen JPY in the 151.000s, indicating more downside pressure likely. USD/JPY has formed a bearish Hanging Man Japanese candlestick pattern at key chart highs in the 151.000s on Friday, suggesting a heightened risk of a short-term reversal and pullback.
If Friday ends as a bearish red candlestick this will add confirmation to the Hanging Man formed on Thursday, and further increase the odds of more downside. Japanese candlesticks are only short-term reversal patterns, however, so the move lower may be short-lived. The fact that the 151.000s represents a zone in which the Bank of Japan has been known to intervene to strengthen the Yen in the past, further increases the chances of imminent weakness for the pair.
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