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GBPJPY moved according to the plan. Whats next?

Monday, April 2, 2018 10:21 AM GMT

Following up the economic news, Japanese Nikkei Manufacturing PMI increased higher than forecasted but fell than the previous month (Previous: 53.2, Forecast: 52.9, Actual: 53.1). We expect later the UK CFTC GBP NC net positions (Previous: £23.8K) which has a minor impact.

As usual, the market’s volume is lighter than usual due to Easter holiday which means minimizes sharp moves. However, there are always trading opportunities.

Catching up our previous plan, the pair reacted to the upside at the support zone of 61.8% as we had mentioned. The pair bounced three times offering equally decent buying opportunities.


Reviewing the current action, it is currently consolidating above 200 SMA while the bullish signal 5/21 EMA crossover remains valid. Buyers have to hold price above 149 zone as noted in the below chart. This zone may offer another buying opportunity in case of a potential correction. However, if bears violate then they will negate the intraday positive bias.

Above 61.8%, bulls will have a major control and set up a potential new higher high.


(EMA = Exponential Moving Average, SMA = Simple Moving Average, 5EMA = Blue, 21EMA = White, 200SMA = Yellow)

Always review your own analysis. If there is a confluence between the current study and your own strategy, then you may have even better trading setups.



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