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.

Free Trading Guides
EUR/USD
Bullish
Oil - US Crude
Mixed
Wall Street
Bearish
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
Mixed
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
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
More View more
Real Time News
  • 🇷🇺 Markit Manufacturing PMI Actual: 36.2 Previous: 31.3 https://www.dailyfx.com/economic-calendar#2020-06-01
  • Heads Up:🇷🇺 Markit Manufacturing PMI due at 06:00 GMT (15min) Previous: 31.3 https://www.dailyfx.com/economic-calendar#2020-06-01
  • Emerging market currencies haven’t been treated equally by the effects of global contagion, even if most have suffered to some degree. However withdrawal of investment flows could hit them all. Get your market update from @DavidCottleFX here:https://t.co/QzNoNYgMgP https://t.co/3sonYtNn4F
  • Heads Up:🇮🇳 Markit Manufacturing PMI due at 05:00 GMT (15min) Expected: 38 Previous: 27.4 https://www.dailyfx.com/economic-calendar#2020-06-01
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.58%, while traders in US 500 are at opposite extremes with 75.46%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/Zk9rafUjxv
  • Forex Update: As of 04:00, these are your best and worst performers based on the London trading schedule: 🇦🇺AUD: 0.88% 🇳🇿NZD: 0.53% 🇬🇧GBP: 0.33% 🇪🇺EUR: 0.28% 🇯🇵JPY: 0.14% 🇨🇭CHF: 0.05% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/vAnfLW0KM5
  • Indices Update: As of 04:00, these are your best and worst performers based on the London trading schedule: Germany 30: 1.27% FTSE 100: 1.19% France 40: 1.15% Wall Street: 0.07% US 500: -0.03% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/vwJJvA9zOQ
  • The US Dollar is attempting to find direction against the Singapore Dollar, Philippine Peso and Indonesian Rupiah as technical levels hold. The Malaysian Ringgit eyes a key trend line. Get your #ASEAN currencies market update from @ddubrovskyFX here:https://t.co/lcSLkOnJgQ https://t.co/cWQOJBaOpQ
  • (#ASEAN Fundamental Outlook) The US #Dollar is falling against ASEAN currencies such as the Singapore Dollar and Indonesian #Rupiah as stock markets rise. Watch out for US-China escalation and #Brexit talks $USDSGD $USDIDR $USDMYR $USDPHP - https://www.dailyfx.com/forex/fundamental/article/special_report/2020/06/01/US-Dollar-Wilting-as-IDR-SGD-gain-US-China-Spat-Brexit-Talks-Eyed.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/esN2pUqyZW
  • RT @FactSet: Since March 31, $SPX forward 12M EPS has declined by 14.2% while $SPX price has increased by 17.2%. https://t.co/eQTjXfg2dc ht…
GBPJPY Long Scalps Favored into April Opening Range- 172.60 in Focus

GBPJPY Long Scalps Favored into April Opening Range- 172.60 in Focus

2014-04-01 16:06:00
Michael Boutros, Strategist
Share:

Talking Points

  • GBPJPY topside bias in play heading into April
  • Monthly/Weekly opening ranges taking shape below near-term resistance
  • Longs scalps favored above 171

GBPJPY Daily Chart

Forex-GBPJPY-Long-Scalps-Favored-into-April-Opening-Range--172.60-in-Focus_body_GBPJPY_DAILY.png, GBPJPY Long Scalps Favored into April Opening Range- 172.60 in Focus

Chart Created Using FXCM Marketscope 2.0

Technical Outlook

  • GBPJPY holding within confines of Andrew’s pitchfork dating June 2012- constructive
  • April Opening Range to take shape just below key resistance 172.32/60
  • Breach targets resistance objectives at 173.57/75 & 174.82
  • Longer-term objectives eyed at 177.45/70
  • Support at 171 & 169.70
  • Broader outlook constructive above 167.57-168.11
  • Daily RSI rebound off 40 and subsequent 60 / trigger breach– bullish
  • Limited Event Risk from UK & Japan – USNon-Farm Payrolls Friday

GBPJPY Scalp Chart

Forex-GBPJPY-Long-Scalps-Favored-into-April-Opening-Range--172.60-in-Focus_body_GBPJPY_Scalp.png, GBPJPY Long Scalps Favored into April Opening Range- 172.60 in Focus

Notes: GBPJPY is opening up the April range just below resistance and while our broader outlook remains weighted to the topside, near-term long exposure is at risk below this threshold. We’ll look for a break of the weekly opening range (defined by 170.97 - 172.32) to validate our directional bias while noting a general tendency to buy dips while within the ascending channel formation dating back to the March 26th low.

A break below 171.34 puts us neutral with only a move sub- 170.97 suggesting that a more significant correction may be in the works. It’s important to note that on a broader scale, the pair has been in consolidation, making a series of lower highs and higher lowers since the January open with a topside breach ultimately favored.

Bottom line: we’ll look for the weekly / monthly opening ranges to offer further conviction on our directional bias with our immediate focus on the long-side while above 171.34/46. The intra-day RSI signature looks constructive and although there has been ongoing divergence in price, a topside resistance trigger is in play. A break sub-170.96 with an accompanied move sub-40 in RSI shifts our near-term focus to the downside with our broader outlook weighted to the topside while above 167.57-168.12. Follow the progress of this trade setup and more throughout the trading week with DailyFX on Demand.

* It’s extremely important to give added consideration regarding the timing of intra-day scalps with the opening ranges on a session & hourly basis offering further clarity on intra-day biases.

Key Threshold Grid

Entry/Exit Targets

Timeframe

Level

Significance

Resistance Target 1

Daily / 30min

172.32/34

78.6% Retrace / Jan 2nd Close

Bearish Invalidation

Daily / 30min

172.59/60

50% Extension / March 7th Close

Break Target 1

30min

172.90

88.6% Retracement

Break Target 2

Daily / 30min

173.56/75

March High / 61.8% Extension / 88.6 Retrace

Break Target 3

Daily

174.39

2013 Close High (12/31)

Break Target 4

Daily / 30min

174.82

2014 High

Support Target 1

Daily / 30min

171.35/46

61.8% Retracement / 38.2% Extension

Bullish Invalidation

30min

170.97

Weekly ORL / Pivot

Break Target 1

30min

170.66

50% Retracement

Break Target 2

30min

170.31

3/27 High / Soft Support

Break Target 2

30min

169.98

38.2% Retracement

Break Target 3

30min

169.55

Last Week’s ORH / Pivot

Average True Range

Daily (20)

139

Profit Targets 32-35pips

*ORH: Opening Range High

*ORL: Opening Range Low

Other Setups in Play:

---Written by Michael Boutros, Currency Strategist with DailyFX

For updates on this scalp and more setups follow him on Twitter @MBForex

To contact Michael email mboutros@dailyfx.com or Click Here to be added to his email distribution list

Join Michael for Live Scalping Webinars on Wednesday & Thursday mornings this week on DailyFX Plus (Exclusive of Live Clients) at 12:30 GMT (8:30ET)

Interested in learning about Fibonacci? Watch this Video

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

DISCLOSURES

News & Analysis at your fingertips.