What happened? Japanese shares fell on Monday…
USD/JPY: all the Moving Averages broken
2019-11-11 • Updated
There's a 'High Wave', which pushed the price higher. It's likely that the market is going to reach the nearest resistance at 111.88 in the coming hours. This level could be a starting point for a decline towards the lower 'Window' (110.81).
We've got a bearish 'High Wave', so it's time for a downward correction. In this case, the pair is likely going to test the nearest support at 111.25. If a pullback from this level forms next, bulls will probably try to reach another resistance at 111.88.
Weaker dollar - cheaper dollar. What else may be a conclusion to be drawn from the USD's weakening?
In a few days, primary Forex currencies will hear what their respective central banks think about the future - and we're about to trade it!
Bullish Scenario: Buys above 17910 with TP:18098.07, TP2:18277, and TP3: 18415 Bearish Scenario: Sells below 17850 with TP1:17730, TP2: 17700
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