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GBP / JPY (GBPJPY)

daworm · 21 · 16017

MetisEtradePR

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Reply #15 on: Dec 04, 2014, 06:59 PM


Support and Resistance Level

The GBPJPY uptrend has been forming a rising wedge chart pattern for over a month. There is a possibility that the currency pair will continue the formation of this chart pattern after a test of the support level at 186.109. A buy position should be taken at the test of this support level. Profit-taking should be done before the resistance level at 188.194 is reached.

Trend Indicators


The 10-day (red line) and 20-day (blue line) simple moving average (SMA) confirms that GBPJPY is moving in a steep uptrend since October. Since the 10-day SMA is above the 20-day SMA, this indicates that the currency pair will most likely continue going up. The 10-day SMA can serve as a support of the uptrend, therefore, a buy position should be taken after a rebound from this level.

Oscillators

The relative strength index (RSI) of the GBPJPY four-hour chart confirms that the currency pair is overbought at 74.02 price level. Given this, there is a possibility that the currency pair will temporarily go down in order to recover from being overbought. The general trend of the currency pair is up as long as the RSI level is above 40.0.


MetisEtradePR

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Reply #16 on: Jan 12, 2015, 04:29 PM


The British inflation data to be released today is expected to have slowed from a year earlier. The December CPI is forecasted to have increased by 0.7% from the year before, slower than the previous month’s 1.0% increase. Low inflation has been an ongoing problem in the UK economy. Data on low inflation confirms that the economy’s recovery is not as strong as believed, thus, the Bank of England will most likely delay an interest rate-hike.


MetisEtradePR

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Reply #17 on: Jan 21, 2015, 03:30 PM


The Bank of Japan decided to keep monetary policy unchanged in the central bank meeting earlier. As expected, the BOJ decided to maintain increasing the monetary base by 674 Billion Dollars. Alongside this decision, the central bank decided to cut inflation forecasts to 1% for the fiscal year starting April due to the risk of falling consumer prices brought about by the decline in oil prices. The central bank failed to meet the 2% inflation target in almost two years. The risk of low inflation puts the central under pressure to increase stimulus in order to accommodate the recovery of the Japanese economy.
« Last Edit: Jan 21, 2015, 03:55 PM by MetisEtradePR »


MetisEtradePR

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Reply #18 on: Feb 04, 2015, 06:10 PM


In their last rate statement in January, the Bank of England Monetary Policy Committee unanimously decided to maintain the record-low interest rate at 0.50% amid low inflation. UK’s inflation growth was reported to be at 0.50% for the month of December. Two policy makers who were formerly pushing for higher rates voted to maintain rates due to the risks involved in falling oil prices. Although there was an improvement in unemployment rate and wage growth, the BOE did not make any changes to their interest rates.

Tomorrow, the central bank will make a statement again regarding their interest rate decision. The BOE is expected to keep interest rates at 0.50%. However, an indication that interest rates will be kept low for a longer period of time will possibly weaken the Pound further.


MetisEtradePR

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Reply #19 on: Feb 26, 2015, 03:20 PM


Support and Resistance Level

GBPJPY has been forming a wedge chart pattern since the start of the year. The continuation of the chart pattern formation should be taken advantage of by putting a buy position near the channel support at 183.953. Profit-taking should be done near the resistance level at 185.916.

Trend Indicators

The 10-day (red line) and 20-day (blue line) simple moving average of the GBPJPY daily chart show that the currency pair has been moving in an uptrend since the start of the year. The simple moving averages can serve as the support level of this uptrend.

Oscillators

The relative strength index (RSI) of the GBPJPY daily chart shows that the currency pair is nearly overbought at 67.30. An RSI above 40.0 reveals an uptrend.
« Last Edit: Feb 26, 2015, 03:24 PM by MetisEtradePR »


MetisEtradePR

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Reply #20 on: Mar 12, 2015, 05:47 PM


Support and Resistance Level

GBPJPY has been generally moving in an uptrend since 2012. This long-term uptrend is expected to continue. A buy position should be taken advantage of at the test of the channel support at 178.833. Profit-taking should be done before the 181.658 resistance level is reached.

Trend Indicators

The 10-week (red line), 20-week (blue line) and 50-week (orange line) simple moving average of the GBPJPY chart confirms the long term uptrend of the currency pair. There is a possibility for the currency pair the 50-week simple moving average which can serve as the support level of the uptrend.

Oscillators

The relative strength index of the currency pair’s four-hour chart shows that GBPJPY is nearly oversold at 39.54. Given that the currency pair is below 40, there is a possibility for prices to temporarily go down before pursuing an uptrend. Therefore, a buy limit is recommended.


 


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