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Market View

GBPJPY is respecting a major trendline

Tuesday, November 27, 2018 12:40 PM GMT

Brexit still remains the traders’ top concern. Theresa May’s spokesman confirmed that the Prime Minister has no specific plans for a bilateral meeting with the US President Donald Trump at the G20 summit.

Reviewing the weekly timeframe, GBPJPY is respecting the trendline (T1), while RSI is moving within 40 to 50 zone, which is considered to work supportively during an uptrend. Moreover, the pair has already formed a Doji candlestick in confluence with the 50% Fibonacci support level. A breakout of the support line (S1) to the upside may offer a buying opportunity towards 38.2% Fibonacci retracement level.

Weekly

Heading to the daily, if RSI violates the base line (50 level), then the bullish scenario is getting stronger.

Daily

On the other hand, if the price breaks out below the trendline (T1), then the setup is busted.

Today’s agenda doesn’t include any major news related to the pair. Although tomorrow’s agenda includes Japanese Foreign investment in Japan stocks, Retail Trade and Foreign bond investment, so traders should keep a sharp eye on the news.

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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