Forex Marketz Daily Forex News – Fully Markets Update
The GBP/JPY Forex market posted and outside daily reversal bouncing off the confluence support. This was the monthly open and seems to validate the Sterling has a moderately bullish bias in the Forex market.
Technical Analysis
Let’s look at today’s technical analysis for the GBP/JPY. The weekly range open is now in focus. There is near term support lining up at 192.25 with a daily close below this level challenging the technical support lining up at 192.35. A break below this level challenges the technical support lining up at 189.70, the December high. The alternative technical analysis should the GBP/JPY push higher notes technical resistance lining up at 195.85. A break above this level challenges the technical resistance lining up at 195.90. The next resistance level is lining up at 197.20/21.
Trade Strategy
Today’s trade strategy sees some event risk from upcoming Japanese trade balance as well as UK retail sales. As far as technical analysis is concerned, the GBP/JPY Forex market is trading in a narrow trading range. Price action does not indicate and directional bias for right now. Absent any definitive trade signals, I will opt to stand aside and monitor my charts for a more actionable trade to come along. Right now, there is no long or short GBP opportunity in this Forex market.