FX forecast / GBP/JPY-D1 / Our expectations:
The trend remains long, despite the turmoil on the island and the low political and economic reasons JPY is rising. Where is GBP against JPY currently? Clearly technical in the middle of the trend, which does not exclude the good entry possibilities completely. As you may notice, we have H&S at support levels formed by a basic diagonal, 200SMA and a horizontal support level. Subsequently, the hedge is activated, and the price is currently testing the line in the figure. From the Price Action perspective, The Last Day Bar clearly shows the fight between the bulls and bears in the Neck Line area, making it important to traders. 50 and 200SMA are in a bi-position - positive for the price. DeMarker points upward from an over-sales area - a signal for the start of a new upward wave.
SL: 148.61
Alternative Scenario: If a price breaks through the line and 200SMA, the positive scenario will be spoiled and more likely to see a price drop and a subsequent core diagonal test.
Read more:
25 Canada Square, Level 33, office 50, Canary Wharf London, E14 5LQ +44 20 3608 6256
World Financial Markets - 0700 17 600 Varchev Exchange - 0700 115 44
Varchev Finance Ltd is registered in the FCA (FINANCIAL CONDUCT AUTHORITY) with a passport in the United Kingdom: FCA, United Kingdom - registration number: 494 045, which allows provision of financial services in the United Kingdom.
Varchev Finance Ltd strictly comply with the statutes of the European directive MiFID (Markets in Financial Instruments). targeting increased efficiency, transparency and uniformity of financial instruments.
Varchev Finance Ltd is authorized and regulated by the Financial Supervision Commission - Sofia, Bulgaria: License number RG-03-02-05 / 15.03.2006
The information on this site is not intended for distribution or use by any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.
Disclaimer:
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 63,41% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.