What happened? Japanese shares fell on Monday…
USD/JPY: bullish "Hammer" still on the table.
2019-11-11 • Updated
The price is still consolidating in a tight range. However, the last bullish "Hammer" is on the table, so bears are likely going to test the 144 Moving Average soon. If a pullback from this line happens, there'll be an option to have a downward movement towards the nearest support level.
The lower "Window" is acting as strong support, so we've got a lot of pullbacks from this level. Also, there's resistance by the 34 Moving Average. In this case, bulls are likely going to test the 89 Moving Average in the coming hours. If we see a pullback from this line, bears will have an opportunity to push the price towards the last low.
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!
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