What happened? Japanese shares fell on Monday…
USD/JPY: "Window" acting as support
2019-11-11 • Updated
The "Window" is acting as support, so we've got a bullish "Harami", which has been confirmed. Therefore, the market is likely going to test the closest resistance once again. If a pullback from this level happens, there'll be an opportunity to have another decline.
The price is consolidating along the 89 Moving Average, so there's a bearish "Doji", but this pattern hasn't been confirmed yet. In this case, we could have a local decline and a new high afterwards.
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!
This week, there are a few high-probability trade ideas I'd like to recommend to you. Trading these setups, be sure to implement a proper risk management approach.
On Thursday, the 2nd of February, the Bank of England will publish its report concerning interest rates and inflation data for the Eurozone. Professionals and investors anticipate that Andrew Bailey’s lead team of policy makers will likely raise interest rates to 4%; the highest in over a decade, for the tenth time in a row.
The first FOMC meeting comes after a buildup of anticipation from traders and investors alike, as the markets await what posture the Fed will take regarding the interest rates; would there be a hike or a cut in interest rates?