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    GBPJPY Target 1 hit, USDJPY awaiting Daily close


    GBPJPY, Daily        

    The third week of June has got off to a very volatile start as markets rush to risk averse safe havens. The JPY, CHF, Gold and Government Bonds continue their appeal as money flows from Equities, (Japans Nikkei 225 closed down 3.51% today), Oil and the GBP.

     USDJPY traded has low as 105.74, before recovering the 106.00 handle today.  The Daily support at 106.25 has been broken this morning and a close today below this level today will trigger a SHORT position with a Target 1 of 105.50.  


    Last week we took 200 pips on the GBPJPY as it rebounded up from 154.30 which we identified on Monday (June 6th). On Friday  this level was  breached and broken and triggered a sell on at the close at 152.43. Target 1 at the recent low of 151.78 (again identified Monday 6th)  this has been completed this morning for a net gain of 65 pips. The pair continue to look weak and has traded as low as 150.08 today. The Monthly support is at 148.80, 145.15 and 140.20 from 2013 and is likely to be tested with a Brexit vote or indeed a  very close vote in the UK EU Referendum next week .

    Trading on the Daily time frame allows for Target and Entry levels to be set without the “noise” of the intra-day moves, and although we have “missed” the larger moves trading this way, the benefit is that you do not enter a market too soon.  Patience is a skill that all successful traders practice every time they open a trade.


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    Stuart Cowell

    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.

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