2023-02-16 • Updated
GBPJPY was a bit challenging to analyze. The most prominent technical factor that jumped at me as soon as I saw the chart though was the wedge I marked above. Due to the lack of any further reliable confirmations, I will be sitting on my hands until price makes a clear breakout of the wedge with a retest for entry confirmation.
Last week I gave the setup on CADJPY for a bullish reversal from the demand zone after an initial drop deep into the zone. Price seems to have almost completed the downward move into the demand zone, hence, I am expecting a strong bullish reaction from the zone. The trendline support is also a worthwhile confirmation to consider.
The pivot demand zone on the daily chart of USDJPY is the most feasible point of interest in this scenario. Coupling that with the 200-Day Moving Average lends even more credibility to the demand zone. My expectation from this is that we get to see a bullish reaction from the zone toward the 140 price area.
EURJPY is one of the cleanest setups I spotted for Yen crosses. Here, we see price trading structurally within the descending channel toward the 200-Day Moving Average. Price has just recently been rejected from the Fibonacci retracement zone, and considering the trendline resistance that aligns with that zone, we can expect price to turn downwards.
There seems to be another attractive channel scenario on the CHFJPY chart similar to what we saw on the EURJPY chart. The Fibonacci + trendline combo confirmation will most likely push prices even lower, possibly to the 142 price region.
It is important to understand that the trading of CFDs comes at risk; if not properly managed, you may lose all of your trading capital. To avoid costly mistakes while you look to trade these opportunities, be sure to do your own due diligence and manage your risk appropriately.
Log into your dashboard or create an account here to get started.
During the Asian session on Wednesday, the USD/CAD pair rebounded after two days of losses, reaching around 1.3590. This uptick is fueled by a stronger US dollar and lower crude oil prices, which put pressure on the Canadian dollar. The decline in Western Texas Intermediate (WTI) oil prices to approximately $80.70 is attributed to...
The Australian Dollar (AUD) rebounds on Monday, despite a slight dip in the US Dollar (USD) and higher US Treasury yields. Investors are eyeing Australian monthly Consumer Price Index (CPI) data for February and US Gross Domestic Product (GDP) for Q4 2023. The AUD gains momentum as the ASX 200 Index rises, especially in mining and energy sectors. Additionally, the Aussie...
Gold prices rose on Monday as the US Dollar weakened amidst speculation about potential Federal Reserve rate cuts starting in June. This weakened Dollar was partly due to improved risk sentiment pushing US Treasury yields lower. Despite facing challenges from declining yields, gold prices recovered to nearly $2,170 per troy ounce, driven by the Dollar's weakness. Federal Reserve Chair...
Jerome H. Powell, the Federal Reserve chair, stated that the central bank can afford to be patient in deciding when to cut interest rates, citing easing inflation and stable economic growth. Powell emphasized the Fed's independence from political influences, particularly relevant as the election season nears. The Fed had raised interest rates to 5.3 ...
Hello again my friends, it’s time for another episode of “What to Trade,” this time, for the month of April. As usual, I present to you some of my most anticipated trade ideas for the month of April, according to my technical analysis style. I therefore encourage you to do your due diligence, as always, and manage your risks appropriately.
Bearish scenario: Sell below 1.0820 / 1.0841... Bullish scenario: Buy above 1.0827...
FBS maintains a record of your data to run this website. By pressing the “Accept” button, you agree to our Privacy policy.
Your request is accepted.
A manager will call you shortly.
Next callback request for this phone number
will be available in
If you have an urgent issue please contact us via
Live chat
Internal error. Please try again later
Don’t waste your time – keep track of how NFP affects the US dollar and profit!
|
