GBP/JPY has been moving up since the start of January. The pair broke out of a bullish flag and reached new highs in the 145.00 area.
Gold is about to choose direction
SELL at 1233; TP1 1229; TP2 1224; SL 1235
BUY at 1245; TP 1250; SL 1243
The price reached the target of the buy trade we recommended on Monday, and now it’s time to reevaluate the situation.
Gold seems once again intimidated by the resistance of 200-week MA (1233.70) and 38.2% Fibo (1238.50). A break above October high at 1243.35 is needed to bring the precious metal to the declining 200-day MA at 1251. On the other hand, a decline below yesterday’s low at 1233 will open the way down.
The last "Pennant" pattern has been broken, so bulls found resistance at 1.2915. Nevertheless, the market is likely going to move on, so we should...
USD/CHF remains weak across the board and stays strong with a bearish consolidation below the 200 SMA at H1 chart…
There's no any reversal pattern so far, so the market is likely going to test the nearest resistance area in the short term...