We pointed out yesterday that buyers were taking the GBPJPY higher and gave two targets. The pair rallied quite fast to both our targets and has now retraced back a little but still showing signs of strength. You can find yesterday’s GBPJPY Price Action Analysis video on our YouTube channel. Follow the channel and you will learn how to do technical analysis effectively. By reading further you agree with our disclaimer at the bottom of this page and acknowledge that we do not provide investment advice.
The GBPJPY pair retraced back to our target 1 price zone and has since attracted buyers again. This is evident from the chart as the price has reacted higher from the level. A further move higher can be expected as the pair has created a higher high in 2h chart. We expect the price move to at least to 136.00 and look for buy signals above 135.24. As long as the 135.24 support isn’t decisively violated (a quick spike below doesn’t count) the uptrend is in force and we should eventually see price moving past the yesterday’s high and possibly even to the target 3 area. When markets move higher they provide trades for different types of traders. Some prefer to take quick intraday trades while others look to ride the trend as long as there is momentum.
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On Friday we said that as there is USD strength coming into the market we expect XAUUSD to move higher. This has now happened but the price hasn’t yet moved to our target. Instead, it has retraced to a support area created by two high values from last week. We look for buy signals at this support. For more analysis on this market and to see the last Price Action Analysis video on Gold see our YouTube channel. We also provide timely alerts to new analysis videos and articles to your phone. Join our TIOmarkets Announcements channel in Telegraph so that you are ready to take advantage of any new analysis we provide. To take advantage of our analysis and ultra-low trading fees, register for an account and deposit here.
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Recent macroeconomic data releases
- US Crude Oil Inventories, -1.6M, -2.5M expected
- SNB Policy Rate, -0.75%, -0.75% expected
- US Unemployment Claims, 870K, 845K expected
- UK Public Sector Net Borrowing, 35.2B, 40.6B expected
- US Core Durable Goods Orders, 0.4%, 1.0% expected
- US Durable Goods Orders, o.4%, 1.1% expected
Macroeconomic data releases today & tomorrow
- US CB Consumer Confidence, 90.0 expected
- ECB President Lagarde Speaks
- US ADP Non-Farm Employment Change, 650K expected
- Canadian GDP, 2.9% expected
- US Chicago PMI, 52 expected
- US Pending Home Sales, 3.1% expected
You may access the times and dates in the economic calendar here.
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Chief Market Analyst
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