Trading Forex and CFDs is risky
Read HotForex Daily Market Analysis

Traders Board – Good heads up

Market Analysis


The euro climbed down from initial highs seen in the wake of Catalonia’s decision to refrain from calling a unilateral spit from Spain – at least for now. EURUSD and EUR-CHF climbed to respective two-week highs of 1.1834 and 1.1534 on the initial news, but while the EUR is up against the USD today it has fallen back to 1.1815 and the single currency dropped against JPY today.  The latter is broadly higher against all currency paring, while GBP is the notable underperformer today, with bond and stock markets also underperforming against peers amid fresh concerns about the impact of what increasingly looks like a hard Brexit.

Hence with a useful tool such as Traders board, we have examine carefully all Pound and Yen crosses for possible opportunities. As have been observed GBPJPY has fallen slightly back from levels in the 1483.73 . The pair has been consolidating for the last 2 days within 147.70- 148.70 area.  However on GBPJPY, a Long position was triggered by the last 4- hour Doji candle ( Dragonfly Doji, i.e. long down leg), which suggests that downtrend suns out of steam in this short timeframe. Hence an entry was taken on the closing at 148.20, with support level below the recent down fractal at 147.50-147.65 area. 

GBPJPY moving above 20-period MA for the last 2 days, while it is sloping up since Friday. the Parabolic SAR turn positive since Monday, while RSI is Neutral. Targets have been set at recent highs, at 148.49 and at 50-period MA, at 148.70.




Click here to access the HotForex Economic calendar.

Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click HERE to register for FREE! The next webinar will start in:

Andria Pichidi

Market Analyst


Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.