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Technical Analysis
Forex Market Commentary By TitanFX
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[QUOTE="titanfx, post: 112164, member: 33464"] [B][I]GBPJPY – British Pound Looking For Momentum Vs Yen [/I] Key Highlights [/B] • The British Pound gained traction near 126.00 against the Japanese yen, and traded higher. • There was a major triangle pattern on the 4-hours chart of GBPJPY, which is broken to clear the way for more upsides. • Today, the UK Claimant Change figure will be released by the National Statistics, which is forecasted to post 2.6K in Sep 2016. • The UK ILO Unemployment Rate is forecasted to remain stable at 4.9% in Sep 2016. [B]GBPJPY Technical Analysis[/B] The British Pound recovered recently from the 126.00 support against the Japanese yen, and it looks like the GBPJPY pair may gain further in the short term. [IMG]https://titanfx.com/wp-content/uploads/2016/10/GBPJPY-10.19.2016-768x401.png[/IMG] The pair enjoyed a minor upside move, and managed to clear a major triangle pattern on the 4-hours chart. The pair is also above the 50% Fib retracement level of the last decline from the 129.61 high to 124.77 low, which is a positive sign. The 4-hours RSI has moved above the 50 level, which means the British Pound buyers may attempt for further gains going forward in GBPJPY towards 128.00. On the downside, the broken triangle trend line may now act as a support area in the short term. ------------------------------------------- [B][I]Posted by Aayush Jindal - 'Titan FX Currency Analyst'[/I][/B] [/QUOTE]
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