Technical outlook and ideas for Forex pairs
We have outlooked several promising Forex pairs and the result can surprise you!
GBP/JPY offers trade opportunities
Information is not investment advice
If you look on the weekly chart of GBP/JPY, you will see that the pair has ran into resistance of the 200- and 100-week MAs (143.30 and 142.50). The price tried to fight these lines, but they are powerful obstacles. As a result, there are reasons to start questioning the uptrend, which has been in place since August 2019.
On the D1, GBP/JPY formed a series of lower high trading in a descending wedge. The Awesome Oscillator also drifted lower and lower. The key support lies at 140.35 (trendline support, Fibonacci). The loss of this level will open the way down to 139.30 and 137.90 (200-day MA). This scenario will come true if tensions between the United States and Iran keep escalating.
On the contrary, an advance above 143.00/15 is needed to open the way up to 144.00. At the same time, if such an advance takes place, the area between 144.00 and 146.00 should be considered for selling because the market will have formed a bearish harmonic pattern. A decline below 141.90 will also be a negative development.
Similar
Another EUR/USD Trade!
4H Chart Daily Chart We sent out a signal yesterday to long EUR/USD between 1…
New EUR/USD Trade
4H Chart Daily Chart EURUSD declined back yesterday after trying to test its 1…
Popular
What to trade on May 16-20?
Last week brought a selloff in markets. Some assets reached the most crucial support levels and are likely to reverse in a short term. Be ahead of trends and make the most out of this week!
Swiss Franc is About To Reverse
Historically, the stability of the franc is caused by the solid Swiss economy and a highly developed banking system…
China Shatters World Economy
A four-day lockdown turned out to be two months of complete isolation. Factories are frozen, supply chains are under heavy pressure, and the future is gloomy. Find out how to trade in times of crisis in this article!
Choose your payment system
