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. See our updated Privacy Policy here.



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

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
Wall Street
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
  • Feels like the market has been front-running next week’s FOMC announcement, which will reveal updated dot plot projections. Expectations clearly set for a more hawkish shift in guidance. That said, if the Fed does not deliver, US Dollar bulls could be disappointed. $USD $DXY
  • USD/CAD has been chopping around the past week-and-a-half, offering virtually no cues on its next direction. Get your market update from @PaulRobinsonFX here:
  • FDA panel votes 16-3 against approving Covid-19 booster shots - BBG
  • RT @C_Barraud: 🇺🇸 Americans Haven’t Been This Down on #Housing Market Since 1982 - Bloomberg *Link:…
  • US Dollar Price Action Setups Pre-FOMC: EUR/USD, GBP/USD, USD/CAD
  • The US Dollar is pushing up to a fresh September high after the release of University of Michigan Consumer Sentiment data. Get your $USD market update from @JStanleyFX here:
  • I have this $SPX chart taking over one of my whole screens, and I just keep staring at that 50-day moving average...
  • RT @TheStalwart: Nice chart, which shows why countries in green on the perimeter, like Iran, Peru, and Turkey are known for their stability…
  • Selling pressure strengthening in Wall Street two hours before the close. S&P 500 down roughly 1% intraday, the largest decline since August 18th #trading $SPX $SPY
  • One of the strongest correlation with Bitcoin at the moment is the US 10-Year Treasury yield
GBPJPY at Key Resistance Hurdle Ahead of UK Mortgages- 133.14 Support

GBPJPY at Key Resistance Hurdle Ahead of UK Mortgages- 133.14 Support

Michael Boutros, Strategist

Talking Points

  • GBP/JPY within well-defined ascending channel ahead of UK data
  • Updated targets & invalidation levels

GBPJPY 120min

GBPJPY at Key Resistance Hurdle Ahead of UK Mortgages- 133.14 Support

Chart Created Using TradingView

Technical Outlook: UK mortgage applications are on tap tomorrow with consensus estimates calling for a slowdown to an annualized 61.9K which would be the lowest since March of 2015. Heading into the release, GBPJPY is trading within the confines of an ascending channel formation off the monthly lows with the pair testing a key near-term Fibonacci confluence at 134.45/48 last night.

From a trading standpoint, the trade remains constructive while above confluence support at 133.14 where channel support converges on a basic 23.6% retracement of the advance off the lows. We’ll reserve this zone as our near-term bullish invalidation level with a breach above key resistance targeting subsequent topside objectives at the monthly open (135.38) and the 50% retracement / channel resistance at 136.15.

A break below support shifts the focus towards 132.35, 131.73 & 131.10. Key support & broader bullish invalidation rests lower at 130.82/96 – a region defined by the 2016 low-day close & the August 19th uncovered close. For the complete setup and to continue tracking this trade & more throughout the week- Subscribe to SB Trade Desk.

Avoid the pitfalls of near-term trading strategies by steering clear of classic mistakes. Review these principles in the "Traits of SuccessfulTraders” series.

GBPJPY at Key Resistance Hurdle Ahead of UK Mortgages- 133.14 Support
  • A summary of the DailyFX Speculative Sentiment Index (SSI) shows traders are net long GBPJPY- the ratio stands at +2.8 (74% of traders are long)- bearish reading
  • Short positions are 4.0% higher than yesterday and 18.9% above levels seen last week.
  • Open interest is 3.5% higher than yesterday and 10.6% above its monthly average.
  • Current retail positioning keeps the broader outlook weighted to the downside, but there appears to be an adjustment going into the end of the month as the SSI comes off of the 2016 extreme.
  • The recent move in SSI is not only accompanied by a material uptick in short positions, but long positions have marginally increased during the same period with open interest 10.6% above the monthly average.
  • With that said, month-end rebalancing may impact market participation going into September, but a narrowing in retail sentiment may coincide with a larger rebound in GBP/JPY.

Help fine-tune you entries, click here to learn more about the DailyFX Grid Sight Index (GSI)

Relevant Data Releases This Week

GBPJPY at Key Resistance Hurdle Ahead of UK Mortgages- 133.14 Support

Other Setups in Play:

Looking for more trade ideas? Review DailyFX’s Top Trading Opportunity of 2016

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

Follow Michaelon Twitter @MBForex contact him at or Click Here to be added to his email distribution list

Join Michael for Live Scalping Webinars on Mondays on DailyFX and Tuesday, Wednesday & Thursday’s on SB Trade Desk at 12:30 GMT (8:30ET)

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