GBP/USD has been consolidating between 1.30 and 1.2770 for the past month. The pair met resistance at the resistance line connecting October and November highs.
Trading GBP/JPY on the news
BUY 138.40; TP1 138.75; TP2 139.45; SL 138.25
SELL 137.95; TP 137.05; SL 138.15
Britain will release some economic data today. The forecast is positive. It’s possible to try to exploit this idea trading GBP/JPY.
The pair made a big spike down last week. Yesterday the pair found support and formed a daily candlestick with a long lower wick. This is a sign that GBP/JPY is trying to find a bottom. Advance above MA on H1 at 138.40 will allow it to test at least the Fibo level at 138.75. On the other hand, a slide below 138.00 (50-period MA on H4) if the British data disappoints will allow selling with a target at 137.00.
AUD/JPY has reached the support line connecting August and October lows in the 73.30 area. What's next?
After forming a “hammer” candlestick on the D1 on Tuesday, XAU/USD rose to $1,467 and consolidated between this level and $1,461.
The USD started the day dropping against the Canadian dollar, now on a bullish reversal.