News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
EUR/USD
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Oil - US Crude
Bullish
Wall Street
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Gold
Bearish
GBP/USD
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
USD/JPY
Mixed
More View more
Real Time News
  • while compared to MRNA vaccines, risk of rare blood clotting from Covid-19 is 10x greater
  • Oxford Uni finds that compared to AZ-Oxford vaccine, risk of rare blood clotting from Covid-19 is about 8x greater
  • Please join @PaulRobinsonFX at 6:00 EST/10:00 GMT for a webinar on how you can become a better trader in current markets. Register here: https://t.co/XO3SOn8u43 https://t.co/1AO0tXYz7L
  • Heads Up:🇬🇷 Unemployment Rate (JAN) due at 09:00 GMT (15min) Previous: 15.8% https://www.dailyfx.com/economic-calendar#2021-04-15
  • A currency carry trade involves borrowing a low-yielding currency in order to buy a higher yielding currency in an attempt to profit from the interest rate differential. Find out if the carry trade suits your trading style here: https://t.co/7t4BzmLg8w https://t.co/q7YCOo8DM1
  • US Dollar Looks to Retail Sales, Jobless Claims Data for a Lifeline - https://www.dailyfx.com/forex/fundamental/daily_briefing/session_briefing/euro_open/2021/04/15/US-Dollar-Looks-to-Retail-Sales-Jobless-Claims-Data-for-a-Lifeline.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Spivak&utm_campaign=twr #dollar #retailsales #joblessclaims https://t.co/vJVKJ5P92g
  • Heads Up:🇬🇧 BoE Credit Conditions Survey due at 08:30 GMT (15min) https://www.dailyfx.com/economic-calendar#2021-04-15
  • 🇪🇸 Balance of Trade (FEB) Actual: €-1.082B Previous: €-1.769B https://www.dailyfx.com/economic-calendar#2021-04-15
  • 🇮🇹 Inflation Rate YoY Final (MAR) Actual: 0.8% Expected: 0.8% Previous: 0.6% https://www.dailyfx.com/economic-calendar#2021-04-15
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 92.93%, while traders in France 40 are at opposite extremes with 75.22%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/F80m5ro5O1
Can Downward GBPJPY Momentum Continue?

Can Downward GBPJPY Momentum Continue?

Walker England, Forex Trading Instructor

Article Summary: The GBPJPY has declined 451 pips over the last two trading weeks. As scalpers look to take new positions, traders question if momentum can continue.

The British Pound (GBP) continues to be on the Forex chopping block as one of the markets weakest currencies. To maximize in its decline, scalpers will want to identify a strong directional currency pair that is currently maintaining momentum in the direction of the trend. Today the GBPJPY will be in focus as we look to identify future scalping opportunities.

To maximize the decline of the Great British Pound (GBP), today we will be pairing it with the Japanese Yen (JPY). The pair has been in a steady decline for the previous two weeks and has dropped as much as 451 pips. Traders can use this bias to identify new selling opportunities as the pair continues to move towards lower lows.

Learn Forex – GBPJPY 4HR Trend

Can_Downward_GBPJPY_Momentum_Continue_body_Picture_2.png, Can Downward GBPJPY Momentum Continue?

(Created using FXCM’s Marketscope 2.0 charts)

GBPJPY Building Blocks

Once a trend has been found, traders can prepare to block off their charts to ensure momentum is heading in the direction of the trend. This step is taken to avoid potential reversals and identify key technical levels for trading. As seen in the graph below, we will be reviewing a 30 minute chart that segments our trading week between Wednesdays and Sundays. Let’s review exactly where momentum is heading for the pair.

To start our blocking analysis, Block 1 begins on Wednesday the 27th and runs through Sunday the 31st. Block 1 displays the GBPJPY moving off its highs at 143.80 to form a new low at 14202. Block 2 also shows the GBPJPY moving toward lower lows. As depicted that low resides at 141.96 and denoted support until this morning’s breakout. Knowing that short term momentum is continuing across both trading blocks, in the direction of the primary trend, short term traders will continue to look for new opportunities to sell into further weakness of the GBPJPY.

Learn Forex – GBPJPY Building Blocks

Can_Downward_GBPJPY_Momentum_Continue_body_Picture_1.png, Can Downward GBPJPY Momentum Continue?

(Created using FXCM’s Marketscope 2.0 charts)

The key to momentum analysis is to ensure that lower lows are continuing to be made in a downtrend. Traders using this style of analysis will look for the continued breakouts and scalping opportunities under the Block 2. It should be noted that while the GBPJPY currentbreakly continuing its downtrend, it is always possible for prices to revert towards higher highs. If this does occur, traders will then look to identify better opportunities with a stronger trending pair.

---Written by Walker England, Trading Instructor

To contact Walker, emailinstructor@dailyfx.com. Follow me on Twitter at @WEnglandFX.

To be added to Walker’s e-mail distribution list,CLICK HEREand enter in your email information

Are you looking for a scalping strategy for the FOREX market? Sign up for our free CCI trading course! CCI Training Course

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES