What happened? Japanese shares fell on Monday…
USD/JPY rising inside minor corrective wave
2019-11-11 • Updated
- USD/JPY rising inside minor corrective wave
- Next buy target - 0.9600
USD/JPY has been rising sharply in the last few trading sessions inside the minor corrective wave – which started earlier with the daily Morning Star from the combined support zone lying between the powerful support level 108.30 and the lower daily Bollinger Band. USD/JPY is expected to rise further toward next buy target at the next resistance level 0.9600 (top of the previous minor correction (ii)) – which coincides with the 50% Fibonacci correction of the previous sharp downward impulse from the start of July.
Weaker dollar - cheaper dollar. What else may be a conclusion to be drawn from the USD's weakening?
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Even though we've only witnessed sluggish movements from the Dollar over the past few weeks, the general idea and bias still seem intact and untampered. The bullish impulse however can be seen as "searching for support".