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Traders Board – Good heads up

Market Analysis

GBPJPY, H4

The euro climbed down from initial highs seen in the wake of Catalonia’s decision to refrain from calling a unilateral spit from Spain – at least for now. EURUSD and EUR-CHF climbed to respective two-week highs of 1.1834 and 1.1534 on the initial news, but while the EUR is up against the USD today it has fallen back to 1.1815 and the single currency dropped against JPY today.  The latter is broadly higher against all currency paring, while GBP is the notable underperformer today, with bond and stock markets also underperforming against peers amid fresh concerns about the impact of what increasingly looks like a hard Brexit.

Hence with a useful tool such as Traders board, we have examine carefully all Pound and Yen crosses for possible opportunities. As have been observed GBPJPY has fallen slightly back from levels in the 1483.73 . The pair has been consolidating for the last 2 days within 147.70- 148.70 area.  However on GBPJPY, a Long position was triggered by the last 4- hour Doji candle ( Dragonfly Doji, i.e. long down leg), which suggests that downtrend suns out of steam in this short timeframe. Hence an entry was taken on the closing at 148.20, with support level below the recent down fractal at 147.50-147.65 area. 

GBPJPY moving above 20-period MA for the last 2 days, while it is sloping up since Friday. the Parabolic SAR turn positive since Monday, while RSI is Neutral. Targets have been set at recent highs, at 148.49 and at 50-period MA, at 148.70.

 

 

 

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Andria Pichidi

Market Analyst

HotForex

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