GBP/USD fell gain on Tuesday, and is testing the lows of the massive consolidation area between 1.5750 and 1.65 again. This is a bearish sign for the pair, and the fact that yesterday’s candle was broken through...
USD/JPY fell on Tuesday, as traders sold the USD against most currencies. The main reason is that nothing bad came out of Europe for once.
The EUR/USD got a pop on Tuesday as traders reacted to every piece of news or rumor coming out of the Euro Zone. The reports of a joint statement coming out of the French and German governments...
The Greenback continued to trade firm against most of the FX majors on the event of continued correction in the prices of most of the asset classes especially the equities. Double dip depression in the US is...
Greetings. Let’s take a look at the GBP/JPY hourly chart. We’ve seen a nice run down and there seems to be more potential bearish movement ahead in the longer term.
The pair is carving out a lower top on the weekly chart which confirms a possible long term trend reversal and the recent consolidation only reinforces this scenario.
At the end of last week, the pair was finally showing some ability to confirm a bullish outlook bounce but once again the parity level has offered some strong resistance over the last session.
The recent announcement from the SNB (to set the Swiss Franc at minimum 1,20 against the Euro) has at last allowed a significant bounce on the pair which also benefits from the Dollar relative strengh.
The pair remains under pressure with a long term bearish outlook.
July low (1,5780) has offered some support to the pair but we the downside pressure remains intense.
