What happened? Japanese shares fell on Monday…
USD/JPY: "Hammer" on 34 Moving Average
2019-11-11 • Updated
The 34 Moving Average has acted as support, so we've got a "Hammer" in this line. Therefore, bulls are likely going to test the upper "Window" in the short term. If a pullback from this level happens later on, we could have a downward correction.
There's a bearish "Engulfing", which has been formed at the last local high. So, there's an opportunity to have a downward correction in the coming hours. If a pullback from the 55 Moving Average arrives afterwards, bulls will probably try to deliver another upward price movement.
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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