GBP/JPY Bounce to Resistance at Prior 2018 Low This week started off with an increased slate of worry as financial markets gripped for the possibility of another summer of political volatility out of Europe. This helped to bring considerable strength into the Japanese Yen, helping pairs like EUR/JPY and GBP/JPY fall down to fresh 2018 lows. In GBP/JPY, the selling was especially noticeable, as both a weak British Pound and ...
The bearish move in the British Pound has continued into another week. After displaying a semblance of support around the key level of 1.3500 in the first couple of weeks of May, GBP/USD posed a downside break at the start of last week to continue the move, and with a heavy outlay of UK data on the calendar, the potential for a deeper bearish move was there. At this point, we've seen a bit of support show-up in a familiar area. The zone ...
Bitcoin: Retail trader data shows 76.0% of traders are net-long with the ratio of traders long to short at 3.17 to 1. The percentage of traders net-long is now its highest since Apr 26 when Bitcoin traded near 9183.39. The number of traders net-long is 1.3% higher than yesterday and 1.1% higher from last week, while the number of traders net-short is 10.0% lower than yesterday and 9.0% lower from last week. We typically take a contrarian ...
Looking ahead to next week, there is a good amount of support in the vicinity of 11725/670 which could put a larger rebound in place, or at least pause downward momentum for more than a couple of days. Since breaking down last month, wow price reacts to the first big test of sizable support will be critical to the outlook moving forward. So, while this next week may not hold a big move, price action could be telling moving beyond the next ...
The Nikkei 225 is right in the middle of an uptrend channel that it looks quite foolish to bet against for now. The channel itself is an extension of the Tokyo stock benchmark's long, consistent rise up from the lows of late March. It probably gives us more usable clues than would a broader band encompassing all trade since that date, as it has seen more tests of both the upside and the down. That upside now comes in above the market at ...
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