GBPJPY Bullish Bias Above 200SMA
⭐️Key Takeaways⭐️
✔️ Trading Above 200SMA on Daily
✔️ BOE Interest Rate Decision on Thursday
✔️ JPY GDP figures at the Sunday open
⭐️Technical Analysis⭐️
Daily chart shows we the pair nicely held above the 200SMA on Friday. RSI is indicating that the pair is overbought however Friday's bullish continuation candle suggests more upside in the near term. If we get some retracement off the Japanese GDP, it could push this pair back down towards the 200SMA on the daily which would coincide nicely with the ascending support trendline on the 1 hour timeframe. If daily candle manages to establish a lower low, I might start to consider the possibilities of a double top but it's too early in the game to be calling that shot at this moment.
With the BOE interest rate decision this week, I'm personally in favor of trading less riskier major pairs and waiting for the BOE to settle before making any committed trading decisions.
Regards,
Michael Harding
RISK DISCLAIMER
Information and opinions contained with this video are for educational purposes only and do not constitute trading recommendations. Trading Forex on margin carries a high level of risk and may not be suitable for all investors.
✔️ Trading Above 200SMA on Daily
✔️ BOE Interest Rate Decision on Thursday
✔️ JPY GDP figures at the Sunday open
⭐️Technical Analysis⭐️
Daily chart shows we the pair nicely held above the 200SMA on Friday. RSI is indicating that the pair is overbought however Friday's bullish continuation candle suggests more upside in the near term. If we get some retracement off the Japanese GDP, it could push this pair back down towards the 200SMA on the daily which would coincide nicely with the ascending support trendline on the 1 hour timeframe. If daily candle manages to establish a lower low, I might start to consider the possibilities of a double top but it's too early in the game to be calling that shot at this moment.
With the BOE interest rate decision this week, I'm personally in favor of trading less riskier major pairs and waiting for the BOE to settle before making any committed trading decisions.
Regards,
Michael Harding
RISK DISCLAIMER
Information and opinions contained with this video are for educational purposes only and do not constitute trading recommendations. Trading Forex on margin carries a high level of risk and may not be suitable for all investors.
Disclaimer
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