Technical analysis for GBPJPY leading into New York. The 10Y is moving sideways currently hence the ranging markets. Looking for further profit taking during New York (Yen strength) though awaiting breakout of ascending triangle on H1 to confirm move.
As per yesterday's trade plan price found support just below the daily 55/ 140.50. Take note of the daily stoch and the fib of the bullish move. Monthly target remains MS2. Note the 31.8% at MM1 and the 50% at MS2. Also note the daily stochastic.
We identified resistance higher up though price failed to move about 141.50/ MS1. The stoch says up for longer and price has failed to make a lower low below 140.50. Resistance levels from yesterday still in play - H4 21, WS1 role reversal, 142.50.
Ascending triangle with DPP currently providing support and MS1 role reversal providing resistance. H1 stoch moving down towards oversold. Resistance on H4 and daily show the following confluence: 141.50 at DR1, 142 in daily profit zone between DM4 and DR2 with 142.50 much higher up.
About The Forex Analyst
USDollar Bull based on current FOMC monetary policy. Euro Bear based on current ECB monetary policy. Currently neutral on the Pound. Bear on oil, Cad and Nok. Trade Yen in line with movement of price in Treasuries and seasonality. Bear on Gold due to bias on Dollar. Trade Nzd inline with global dairy prices and RBNZ central banking policy. Trade Aud inline with global commodity prices, Chinese macro and RBA central banking policy. Trade Mexican Peso repatriation at the end of each month. Head Coach at www.MetaTraders.com and analyst at Forex.Today.