Forex Depth Analysis: GBP/JPY
Sterling initially looking to bounce against the Japanese Yen.
The pound slid to an all-time low against the euro on Wednesday as weak consumer and business confidence and soft employment data reinforced the case for Bank of England rate cuts.
British consumer confidence fell to its worst since comparable records began four years ago, according to a survey from Nationwide
The pound briefly pared losses after UK services PMI data came in stronger than expected highlighting inflationary pressures facing the Bank of England.
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The following technical analysis gives us a detailed lookout on what is expected to happen to GBP/JPY.
The buying point is at 206.40; based on a break of the standard error channel.
- Previous resistance and Fibonacci 50% is the take profit at 208.50
- Previous support is the stop loss at 204.39
The selling point is at 208.50; based on a fail of breaking the resistance.
- Previous support is the take profit at 205.10
- Fibonacci 61.8% is the stop loss at 209.73
To strengthen our analysis; we use many other indicators, starting with MACD (Moving Averages convergence divergence); we notice the crossing of MACD line to the signal line and pointing upwards. In order to find the power of the market, we use RSI (Relative Strength Index).With RSI; we can determine that the market is in an uptrend.
The ROC oscillator is very important to understand the demand in the market and as we see on the graph it is in a bullish direction. The Stochastic oscillator crosses %D line below 20% level and continues to go higher.
The following analysis is for information only; Finotec is not responsible for any decisions or misinterpretations based on the given text.
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Disclaimer: FINOTEC Tradings Market Commentaries are provided for informational purposes only. The information contained within these reports is gathered from reputable news sources and not intended as investment advice. FINOTEC Trading assumes no responsibility or liability from gains or losses incurred by the information herein.
