What happened? Japanese shares fell on Monday…
USD/JPY reversed from support zone
2019-11-11 • Updated
- USD/JPY reversed from support zone
- Next buy target - 112.00
USD/JPY continues to rise inside the intermediate impulse wave (3) – which started earlier from the combined support zone lying between the support level 109.00 (which also stopped the previous primary ABC correction ② in the middle of April), lower daily Bollinger Band and the 50% Fibonacci retracement of the upward impulse form November. The upward reversal form this support zone created the daily Bullish Engulfing. USD/JPY is expected to rise to the next buy target at the next resistance level 112.00 (top of wave B from May).
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.