3 Attachment(s)
Weekly Outlook: 2015, May 10 - 17
GBP/JPY Technical Analysis: Pound Pauses to Digest Losses
The British Pound is digesting losses against the Japanese Yen after dropping as expected having put in a bearish Evening Star candlestick pattern. A daily close below the 23.6% Fibonacci expansion at 180.96 exposes the 38.2% level at 178.80. Alternatively, a turn above the 14.6% Fib at 182.30 opens the door for a test of trend line support-turned-resistance at 183.35.
Attachment 13330
Attachment 13331
Resistance |
Support |
182.30 |
180.96 |
183.35 |
178.80 |
184.46 |
177.05 |
Attachment 13332
Prices are wedged too closely between near-term support and resistance levels to justify taking a trade on a long or short side from a risk/reward perspective. With that in mind, we will continue to stand aside until a more attractive opportunity presents itself.
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Goldman Sachs: forex markets appear to 'throwing a tantrum'
In a research note to clients, Goldman Sachs say data will improve and the USD selloff will reverse:
"After the perfect storm in March -- a dovish Fed and weak payrolls -- price action around last week's GDP disappointment was a howl of disapproval, something akin to the 'The Scream' by Edvard Munch. Foreign-exchange markets appear to be throwing a 'tantrum.'"
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