USD/JPY is declining for the fifth day in a row. When the pair fell below 105.00, it entered a new, lower range.
Citi: trade idea for GBP/JPY
2019-11-11 • Updated
Analysts at Citi recommend buying GBP/JPY at 147.41 with Take Profit at 150.00 with Stop Loss at 145.67.
The resistance line is limiting USD/JPY on the upside and, unless the pair tries for a breakout (which anyway will meet resistance at 106.50 and 106.80), the easiest path for it will be to go down.
The NZD/JPY pair is trading within the cloud. A failed attempt to move higher will push the market to exit the Kumo, confirming a bearish scenario.
The number of Americans applying for initial unemployment benefits came in at a larger-than-forecast 870,000 last week, signaling that the recovery in the labor market is losing momentum as the coronavirus pandemic lingers and layoffs continue apace.
The GBP is likely to move upward until it reaches the resistance of 1.2795.
The aussie is expected to plummet for the next six months. What is the reason?