What happened? Japanese shares fell on Monday…
USD/JPY: bearish 'High Wave' pattern
2019-11-11 • Updated
There's a bearish 'High Wave', which has been confirmed enough. So, the market is likely going to achieve the nearest support at 111.27. A pullback from this level could be a starting point for another upward price movement towards the upper 'Window' (112.27).
The market is moving sideways. There's a 'Shooting Star', but this pattern hasn't been confirmed enough. So, the price is likely going to test 111.75 one again. If we have a pullback from this level next, bears will probably try to reach the next support at 111.27.
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!
For those who may be unfamiliar with Price Action trading, the horizontal arrows represent areas where the market structure was broken. As you can see in the scenario above, price broke below the previous low at the two marked instances
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.