What happened? Japanese shares fell on Monday…
USD/JPY: bearish "Harami"
2019-11-11 • Updated
The last bullish "Three Methods" pushed the price to the 144 Moving Average. At the same time, there's a bearish "High Wave", but this pattern hasn't been confirmed yet. So, the pair is likely going to test the nearest support, which could be a departure point for another bullish price movement.
We've got a bearish "Harami", but this pattern hasn't been confirmed yet. If the price fixates under the 55 Moving Average, the market is likely going to continue declining in the short term.
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!
Let's start off with a look at the Daily timeframe on Bitcoin. We currently see price reacting to the rally-base-rally demand zone between the 15,600 - 14,300 price area. Price also seems to have found support off the trendline support as marked in the image above. Interestingly, this means the overall bias on BTCUSD is Bullish.
Central Bank Digital Currencies (CBDCs) are virtual national money. The idea of creating such currencies came to the authorities after the success of cryptocurrencies, which also exist only in digital form.
The views here are solely based on Technical Analysis techniques using my personal Smart Money approach. Hence, it is important to understand that the trading of CFDs comes at a risk; if not properly managed, you may lose all of your trading capital. To avoid costly mistakes while you look to trade these opportunities, be sure to do your own due diligence and manage your risk appropriately.