What happened? Japanese shares fell on Monday…
USD/JPY: bullish 'Hammer'
2022-02-15 • Updated
There'a bullish 'Hammer', which has been formed on the lower 'Window'. In this case, the market is likely going to test the upper 'Window" pretty soon. If any bearish pattern forms afterwards, there'll be a moment for a downward correction.
There're two bearish 'Engulfing' patterns in a row so that we could have a local correction. Even so, bulls are likely going to reach the next resistance area little later on.
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.