What happened? Japanese shares fell on Monday…
USD/JPY: pair going to break the last low
2019-11-11 • Updated
The price is still consolidating, but we don't have any reversal pattern so far. In this case, the pair is likely going to break the last low. If any bullish pattern forms afterwards, the 21 Moving Average will be the next target.
There's resistance by the middle of the last huge black candle. Also, we don't have any confirmed reversal pattern. So, the market is likely going to continue declining.
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.