Daily Analysis | GBP/JPY | 13 of November

Posted 13 November, 2017

The GBP/JPY rally and profit taking on short trades that happened on Friday has been negated by an early Monday drop and sell off. Brexit concerns are still weighting on the pound and investors tend to flee in the JPY safe haven. The GBP/JPY, popular "Dragon" dropped below the trend line and a subsequent retest of the POC zone might spur another sell off. 149.10-149.40 is the POC zone (D L4/L4, EMA89, 61.8 fib, trend line X cross). Rejection targets 148.55 and a strong h1 breakout or 4h below the 148.40 might target 148.00 and 147.83.

W L3 - Weekly Camarilla Pivot (Weekly Interim Support)
W H3 - Weekly Camarilla Pivot (Weekly Interim Resistance)
W H4 - Weekly Camarilla Pivot (Strong Weekly Resistance)
D H4 - Daily Camarilla Pivot (Very Strong Daily Resistance)
D L3 – Daily Camarilla Pivot (Daily Support)
D L4 – Daily H4 Camarilla (Very Strong Daily Support)
POC - Point Of Confluence (The zone where we expect price to react aka entry zone)
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                                                                                                                 By Nenad Kerkez | Admiral Markets

 

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Next forecast

08 November, 2017 12:17

Daily Analysis | EUR/JPY | 8 of November →

Different Forex crosses are breaking out of their consolidation phase, making breakouts off the important levels as we could see yesterday in the example of the GBP/NZD. Today we have a consolidation with a possible breakout on EUR/JPY. 

Daily Analysis | EUR/JPY | 8 of November
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