What happened? Japanese shares fell on Monday…
USD/JPY: "Window" acting as support
2019-11-11 • Updated
The 21 Moving Average has acted as support, so there's a "Belt Hold" pattern on this line. In this case, the price is likely going to test the next resistance by the last "Three Methods" pattern. If a pullback from this level happens, there'll be a chance to have another decline in the direction of the lower "Window".
The market is consolidating along the "Window". Also, there's a "High Wave" pattern at the local high. Therefore, the "Window" is likely going to act as support once again. If so, bulls are going to break the high of the last "High Wave".
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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