Category Archives: GBPJPY

Market Forecast 23/10/2017

The British Pound is in an uptrend above 149.80 vs the Japanese Yen. AUDUSD remains sell on rallies near 0.7830-40.

GBP/JPY Forecast – British Pound Downsides Limited

Key Points

  • The British Pound climbed higher recently and moved above 149.00 against the Japanese Yen.
  • There was a break above a major resistance trend line at 149.75 on the hourly chart of GBP/JPY.
  • Today in Japan, the Leading Economic Index for August 2017 was released by the Cabinet Office.
  • The outcome was above the forecast of 106.00, as there was a rise from the last revised reading of 105.2 to 107.2.

GBPJPYH1.png

The British Pound after consolidating above the 147.80 level against the Japanese Yen started an upside move. The GBP/JPY pair made a nice upside move and traded above the 149.00 resistance and the 100 hourly simple moving average.

There was also a close above a major resistance trend line at 149.75 on the hourly chart of GBP/JPY. It opened the doors for more gains above 150.00. The pair traded as high as 150.47 before it started correcting lower.

The pair is currently trading lower and approaching the 23.6% Fib retracement level of the last wave from the 147.88 low to 150.47 high at 149.86. The mentioned 149.86 is also near the broken resistance trend line.

Therefore, any dips from the current levels will most likely find support near 149.80.

 

Japan’s Leading Economic Index

Today in Japan, the Leading Economic Index for August 2017 was released by the Cabinet Office. The forecast was slated for a minor rise from the last reading to 106.00.

The actual result was above the forecast of 106.00, as there was a rise from the last revised reading of 105.2 to 107.2. Moreover, the Coincident Index was forecasted to increase to 117.00. Again, the outcome was positive, as there was a rise from the last revised reading of 115.7 to 117.7.

The GBP/JPY pair might correct a few pips, but remains supported on the downside near 149.80-60.
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AUDUSD – Aussie Dollar Remains Sell on Rallies

Key Points

  • The Aussie Dollar failed to break the 0.7880 resistance against the US Dollar and moved down.
  • There was a break below a bullish trend line with support at 0.7830 on the hourly chart of the AUD/USD pair.

AUDUSDH1.png

The Aussie Dollar moved higher this past week, but was not able to gain strength above the 0.7880-0.7900 levels against the US Dollar. As a result, the AUD/USD pair started a downside move and traded below the 0.7840 support plus the 100 hourly simple moving average.

During the downside, the pair even broke a bullish trend line with support at 0.7830 on the hourly chart. It traded as low as 0.7801 and is currently correcting higher.

It has moved above the 23.6% Fib retracement level of the last drop from the 0.7882 high to 0.7801 low. However, the broken trend line at 0.7830 may now prevent gains. The 38.2% Fib retracement level of the last drop from the 0.7882 high to 0.7801 low is also near 0.7833 to act as a resistance for more upsides in AUD/USD.

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The information above cannot be a taken as an investment advice and FXPMarkets will not be held liable for any losses that may occur by using the provided above information.

For more information on risks, please read our General Risk Disclosure.

Market Forecast 04/10/2017

The Euro is under pressure and testing an important support vs the Japanese Yen. GBP/JPY is also in the bearish territory and might continue to slide towards 149.00.

EUR/JPY Forecast – Euro testing Crucial Support

Key Points

  • The Euro after trading above 133.00 against the Japanese Yen found sellers and declined.
  • The EURJPY pair is currently testing a major bullish trend line with support at 132.25 on the hourly chart.
  • Today in the Euro Zone, the PMI service for Sep 2017 was released by the Markit Economics.
  • The outcome was above the forecast of 55.6, as there was a rise from 55.6 to 55.8.

 

EURJPYH1.png

The Euro traded above the 133.00 level recently against the Japanese Yen, but failed to hold on to gains. The EUR/JPY pair started a downside move after trading as high as 133.10 and moved below the 132.80 support area along with the 100 hourly simple moving average.

The pair recently broke the 132.50 support and tested a major bullish trend line with support at 132.25 on the hourly chart.

It might attempt a correction, but most likely to struggle near the 38.2% Fib retracement level of the last decline from the 132.87 high to 132.24 low. There is also a bearish trend line on the upside at 132.70 to stop the upside move.

An intermediate resistance is near 132.60, the 100 hourly simple moving average and the 61.8% Fib retracement level of the last decline from the 132.87 high to 132.24 low.

Overall, selling rallies close to the 132.50-60 levels can be considered in the short term with a stop above the trend line resistance.

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Euro Zone Services PMI

Today, the Euro Zone saw the release of the PMI service for Sep 2017 by the Markit Economics. The forecast was slated for no change from the last reading of 55.6.

The actual result was above the forecast of 55.6, as there was a rise from 55.6 to 55.8. On the other hand, the German Services PMI remained at 55.6, but both registered readings well above the expansion levels.

Moreover, the Spanish Purchasing Managers Index (PMI) Services gained from 56.0 to 56.7, which is a good sign for the economy.

 

GBP/JPY Forecast – British Pound Could Extend Declines

Key Points

  • The British Pound is in a declining streak and is trading below 150.00 against the US Dollar.
  • There is a crucial bearish trend line forming with resistance near 146.70 on the hourly chart of GBP/JPY.

GBPJPYH1.png

The British Pound started a major downtrend from the 151.50 swing high against the US Dollar. The GBP/JPY pair declined and broke the 150.00 and 149.80 support levels to trade as low as 149.02.

The pair is currently correcting higher, but facing a crucial bearish trend line forming with resistance near 146.70 on the hourly chart.

Moreover, the 50% Fib retracement level of the last decline from the drop from the 150.22 high to 149.02 low is also near 149.62 to act as a resistance.

Overall, selling rallies close to the 149.70 level can be considered with a stop above the trend line.

 

Risk Disclosure: By trading a leveraged product your capital is at risk.

The information above cannot be a taken as an investment advice and FXPMarkets will not be held liable for any losses that may occur by using the provided above information.

For more information on risks, please read our General Risk Disclosure.

Market Forecast 18/09/2017

The GBP/JPY pair remains in a bullish trend above 148.00 and dips present buying opportunity. On the other hand, upsides remain capped near 0.7250-0.7260 in NZD/USD.

NZD/USD Forecast – Upsides Remain Capped

Key Points

  • The New Zealand Dollar managed to find bids near 0.7190 against the US Dollar, and recovered.
  • There is a bearish trend line with resistance at 0.7255 forming on the hourly chart of the NZD/USD pair.
  • Recently in New Zealand, the Business NZ PMI for August 2017 was released by the Business NZ.
  • The outcome was above the forecast of 55.4, as there was a rise in the PMI to 57.9.

NZDUSDH1 (1)

The New Zealand Dollar recently declined below the 0.7200 handle against the US Dollar before finding support near 0.7182. Later, the NZDUSD pair formed a base and started a recovery above the 0.7200 handle

It moved above the 38.2% Fib retracement level of the last decline from the 0.7302 high to 0.7182 low. However, the upside move is facing hurdles near a bearish trend line with resistance at 0.7255 on the hourly chart.

The 100 hourly simple moving average and the 61.8% Fib retracement level of the last decline from the 0.7302 high to 0.7182 low are also near the trend line resistance.

Therefore, a break above the 0.7255-0.7260 resistance won’t be easy in the near term.  On the flip side, dips towards the 0.7210 level remains supported before the pair attempts the next break.

 

New Zealand Business PMI

Today in New Zealand, the Business NZ PMI for August 2017 was released by the Business NZ. The forecast was slated for a minor rise from the last reading of 55.4 to 56.2.

However, the actual result was above the forecast of 55.4, as there was a rise in the PMI to 57.9. The current reading was 2.5 points more than the last reading and it is very near to expansion levels seen in May 2017.

Commenting on the data, the BusinessNZ’s executive director for manufacturing, Catherine Beard, stated, “Expansion was higher for three of the five sub-indices, with production (60.3) at its highest level since September 2016”.

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GBP/JPY Forecast – Bullish Trend Intact

Key Points

  • The British Pound is in a super bullish trend above the 147.50 level against the Japanese Yen.
  • There is a major bullish trend line with support at 146.60 forming on the hourly chart of GBP/JPY.

GBPJPYH1 (2)

The British Pound started a crucial uptrend from the 141.30 low against the Japanese Yen, and is currently up by more than 500 pips. The GBP/JPY pair formed many bullish patterns during the upside and currently trading above the 148.00 handle.

The recent high was 148.8 and it seems like upsides are far from over. On the downside, there is a major bullish trend line with support at 146.60 forming on the hourly chart along with 100 hourly simple moving average.

There is a chance of a minor correction towards the 38.2% Fib retracement level of the last wave from the 146.59 low to 148.89 high, but it can be seen as buying opportunity.

Overall, as long as the pair is above 146.80 and the 100 hourly SMA, buyers are here to stay.

 

 

 

Risk Disclosure: By trading a leveraged product your capital is at risk.

The information above cannot be a taken as an investment advice and FXPMarkets will not be held liable for any losses that may occur by using the provided above information.

For more information on risks, please read our General Risk Disclosure.

Market Forecast 15/09/2017

The GBP/JPY pair remains in a bullish trend above 148.00 and dips present buying opportunity. On the other hand, upsides remain capped near 0.7250-0.7260 in NZD/USD.

 

NZD/USD Forecast – Upsides Remain Capped

Key Points

  • The New Zealand Dollar managed to find bids near 0.7190 against the US Dollar, and recovered.
  • There is a bearish trend line with resistance at 0.7255 forming on the hourly chart of the NZD/USD pair.
  • Recently in New Zealand, the Business NZ PMI for August 2017 was released by the Business NZ.
  • The outcome was above the forecast of 55.4, as there was a rise in the PMI to 57.9.

NZDUSDH1

The New Zealand Dollar recently declined below the 0.7200 handle against the US Dollar before finding support near 0.7182. Later, the NZDUSD pair formed a base and started a recovery above the 0.7200 handle

It moved above the 38.2% Fib retracement level of the last decline from the 0.7302 high to 0.7182 low. However, the upside move is facing hurdles near a bearish trend line with resistance at 0.7255 on the hourly chart.

The 100 hourly simple moving average and the 61.8% Fib retracement level of the last decline from the 0.7302 high to 0.7182 low are also near the trend line resistance.

Therefore, a break above the 0.7255-0.7260 resistance won’t be easy in the near term.  On the flip side, dips towards the 0.7210 level remains supported before the pair attempts the next break.

 

New Zealand Business PMI

Today in New Zealand, the Business NZ PMI for August 2017 was released by the Business NZ. The forecast was slated for a minor rise from the last reading of 55.4 to 56.2.

However, the actual result was above the forecast of 55.4, as there was a rise in the PMI to 57.9. The current reading was 2.5 points more than the last reading and it is very near to expansion levels seen in May 2017.

Commenting on the data, the BusinessNZ’s executive director for manufacturing, Catherine Beard, stated, “Expansion was higher for three of the five sub-indices, with production (60.3) at its highest level since September 2016”.

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GBP/JPY Forecast – Bullish Trend Intact

Key Points

  • The British Pound is in a super bullish trend above the 147.50 level against the Japanese Yen.
  • There is a major bullish trend line with support at 146.60 forming on the hourly chart of GBP/JPY.

GBPJPYH1 (1)

The British Pound started a crucial uptrend from the 141.30 low against the Japanese Yen, and is currently up by more than 500 pips. The GBP/JPY pair formed many bullish patterns during the upside and currently trading above the 148.00 handle.

The recent high was 148.8 and it seems like upsides are far from over. On the downside, there is a major bullish trend line with support at 146.60 forming on the hourly chart along with 100 hourly simple moving average.

There is a chance of a minor correction towards the 38.2% Fib retracement level of the last wave from the 146.59 low to 148.89 high, but it can be seen as buying opportunity.

Overall, as long as the pair is above 146.80 and the 100 hourly SMA, buyers are here to stay.

 

Risk Disclosure: By trading a leveraged product your capital is at risk.

The information above cannot be a taken as an investment advice and FXPMarkets will not be held liable for any losses that may occur by using the provided above information.

For more information on risks, please read our General Risk Disclosure.

Market Forecast 28/08/2017

USD/CHF Forecast

Key Points

  • The US Dollar remains in a super bearish trend and currently trading below the 0.9580 pivot against the Swiss Franc.
  • There is a major bearish trend line forming with resistance at 0.9640 on the hourly chart of USD/CHF.
  • The US Goods Trade Balance for July 2017 posted a trade deficit of $-65B, more than the forecast of $-64.5B.

The US Dollar struggled a lot recently and declined below the 0.9700 and 0.9650 support levels against the Swiss Franc. The USD/CHF pair even traded below the 0.9600 handle and traded as low as 0.9525 recently.

Before the downside, the pair broke a bullish trend line at 0.9630 on the hourly chart. At the moment, the pair is recovering and might test the 23.6% Fib retracement level of the last decline from the 0.9659 high to 0.9525 low.

On the upside, there is a major bearish trend line forming with resistance at 0.9640 on the hourly chart. The trend line is also positioned near the last swing high of 0.9630, the 100 hourly simple moving average and the 76.4% Fib retracement level of the last decline from the 0.9659 high to 0.9525 low.

Selling rallies in the near term towards 0.9600 might be considered.

US Goods Trade Balance

Today in the US, the Goods Trade Balance for July 2017 was released by the US Bureau of Economic Analysis. The forecast was slated for a trade deficit of $-64.5B compared with the last $-64B.

However, the outcome was a bit on the lower side, as there was a trade deficit of $-65B. Exports of goods in July 2017 were down by $1.6 billion to $127.1 billion. Similarly, Imports of goods were down by $0.5 billion less than June 2017 to $192.2 billion.

USDCHFH1 (2)

 

GBP/JPY Forecast

Key Points

  • The British Pound is following a bullish path and trading well above the 140.00 handle against the Japanese Yen.
  • An ascending channel with support at 140.60 is holding the uptrend in the GBP/JPY pair.

The British Pound started a decent upside move from the 139.30 swing low against the Japanese Yen. The GBP/JPY pair gained pace and moved above the 140.00 handle and the 100 hourly simple moving average.

The pair has already breached the 76.4% Fib retracement level of the last decline from the 141.02 high to 139.29 low. Therefore, there are chances of it gaining pace above the 141.10 level.

If buyers remain in control, the 1.236 extension the last decline from the 141.02 high to 139.29 low could be tested. There is also an ascending channel with support at 140.60 forming on the hourly chart. As long as the pair remains in the channel and the 140.50 support, there are chances of further gains in the near term.

The best case scenario could be a test of the 1.618 extension the last decline from the 141.02 high to 139.29 low at 142.09. Buying dips near the channel support can be considered with a stop below the 140.60 support area and targets as 141.40 and 142.00.

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Risk Disclosure: By trading a leveraged product your capital is at risk.

The information above cannot be a taken as an investment advice and FXPMarkets will not be held liable for any losses that may occur by using the provided above information.

For more information on risks, please read our General Risk Disclosure.