Possible hammer on the USD/JPY

The USD/JPY has fallen recently on comments by Donald Trump where the president of the United States is not happy with a strong Dollar. That was the main reason why the USD/JPY has fallen close to the 55 day EMA around the 110.67 level. Towards the end of the session, the price goes back up and closes around the opening level, leaving behind what is known as a hammer formation. The hammer pattern is a bullish reversal formation and if the next candle is bullish, then the price of the USD/JPY may change direction to the upside. The 113.00 level may act as resistance in case the price reaches that zone one more time. To the downside, the 55 day EMA may act once again as support in case the price drops to that zone and below that level, the 110.00 area along with the 200 day EMA (blue line) may also act as support on the USD/JPY.