Daily Forex News
#31
Technical Overview of GBP/USD and USD/JPY Currency Pair

 
GBP USD
 
GBP traded higher against USD and closed at 1.3155.
 
·        Flat in a 1.3153/1.3161 range, but decent interest once Asia fully opened
·        EUR/GBP saw modest volumes with a very tight 0.8438/0.8341 range
·        Conservative election victory expectations attracted fresh demand this week
·        Initial significant resistance at 1.3168/90, 50% 2018/19 fall and May high
·        1.3168 capped in NY, but is under pressure - strong resistance into 1.3200
·        Close above 1.3200 would be a strong positive into the election next week
·        Sustained 1.3200 break would open the door to the 1.3380 2019 high in March
·        Close below the prior 1.3000 range high needed to undermine topside bias
 
According to the Analysis, pair is expected to find support at 1.3120 and a fall through could take it to the next support level of 1.3105. The pair is expected to find its first resistance at 1.3166 and a rise through could take it to the next resistance level of 1.3181.
 
USD JPY
 
USD traded lower against JPY and closed at 108.75.
 
USD/JPY's CTA positioning and notes that it's mainly close to neutral and sidelined around current levels.
"CTAs having held back on going long in the USD/JPY market (buying USD and selling yen) during the recent risk-on phase, they have managed to avoid simultaneous stock selling and yen buying.
 
CTAs' USD/JPY positions are close to neutral at present, and they are not currently moving either to buy or to sell. 
 
"With the latent risk of yen appreciation being suppressed, if fundamentals-oriented investors begin tentatively dip-buying below 23,000, this downward move by the Nikkei 225 could be brought to a close relatively soon.
 
According to the Analysis, pair is expected to find support at 108.66 and a fall through could take it to the next support level of 108.58. The pair is expected to find its first resistance at 108.92, and a rise through could take it to the next resistance level of 109.00.
 
Important Economic Events of the day
 
·        JPY: Household Spending y/y
·        USD: Nonfarm Payrolls
·        USD: Baker Hughes US Oil Rig Count
·        CAD: Employment Change
 
For More information about the release time of news and its impact visit Economic Calendar Page!
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Daily Forex News - by xtreamforex - 02-14-2019, 11:05 AM
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