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Technical Analysis
Forex Market Commentary By TitanFX
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[QUOTE="titanfx, post: 104742, member: 33464"] [SIZE=6][B]GBPJPY – A Look At The Big Picture[/B][/SIZE] [SIZE=5][B]Key Highlights [/B][/SIZE] · British Pound recent slide against the Japanese yen got extended, as the GBPJPY pair moved below 140.00. · During the recent downside move, the pair broke a major support trend line on the monthly chart, which is a sign that it was a crucial move. · Today in Japan, the Retail Trade released by the Ministry of Economy, Trade and Industry posted a decrease of 1.9% in May 2016, compared with the forecast of -1.6%. · In the UK today, the Consumer Credit figure will be released by the Bank of England, which is forecasted to come in at £1.400B. [SIZE=5][B]GBPJPY Technical Analysis[/B][/SIZE] The British pound after the Brexit news collapsed against most major currencies, including the Japanese Yen. If we look at a higher time frame chart like monthly, then there was a trend line break for GBPJPY. [IMG]https://s32.postimg.org/dyn71a0rp/GBPJPY_06_29_2016.png[/IMG] The pair also moved below the 100 and 200 monthly simple moving averages, suggesting that the British Pound were in control and may take the pair further down. Currently, the pair is trading near the 76.4% Fib retracement level of the last leg from the 116.94 low to 196.05 high, which is providing support to GBPJPY. ------------------------------------------- [B][I]Posted by Aayush Jindal - 'Titan FX Currency Analyst'[/I][/B] [/QUOTE]
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