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  • $USDCAD has dropped below its 20-day moving average for the first time in 38 trading days. As far as monetary policy focused crosses go, this is a good one; and the BOC has already tapered twice as the Fed drags its feet https://t.co/18gBHWKzJ8
  • Forex Update: As of 14:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.76% 🇬🇧GBP: 0.51% 🇨🇦CAD: 0.44% 🇪🇺EUR: 0.33% 🇦🇺AUD: 0.23% 🇯🇵JPY: 0.20% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/6IgbcOeZDZ
  • Seeing some continued US Dollar weakness post-FOMC as expected. $DXY hitting fresh monthly lows with weekly jobless claims data and the 2Q GDP report released this morning both disappointing relative to consensus. Link to Analysis - https://www.dailyfx.com/forex/market_alert/2021/07/29/us-dollar-hits-monthly-low-as-jobless-claims-q2-gdp-disappoint.html https://t.co/MnaABIzbRr
  • Indices Update: As of 14:00, these are your best and worst performers based on the London trading schedule: FTSE 100: 0.88% US 500: 0.52% France 40: 0.50% Wall Street: 0.49% Germany 30: 0.36% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/7PWjwTJE5Y
  • The US 2Q GDP was technically better than the previous quarter at 6.5% (prev 6.3% revised down), but far more tame than the 8.4% forecasted. The $DXY Dollar Index is responding to the data with its fourth consecutive slide https://t.co/GsLyQwGaLC
  • White House says it is necessary for congress to extend eviction moratorium, current ban cannot be extended unilaterally after high court case -BBG
  • AUD/USD defends the advance following the Federal Reserve interest rate decision as the US Gross Domestic Product (GDP) report warns of a weaker-than-expected recovery. Get your $AUD market update from @DavidJSong here:https://t.co/6OpqGxv4ni https://t.co/eLEbTosjx9
  • RT @WVenketas: #FTSE100 index up 1% today and 9.70% YTD after several constituents posted record #earnings results with help from a #dovish…
  • Commodities Update: As of 14:00, these are your best and worst performers based on the London trading schedule: Silver: 3.01% Gold: 1.15% Oil - US Crude: 0.57% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/bApWwhOIbg
  • Gold Setting Up Potential Bullish Breakout - #GOLD chart https://t.co/6PeVqBptsC
GBP/JPY Classical Technical Report 04.05

GBP/JPY Classical Technical Report 04.05

Joel Kruger, Technical Strategist
daily_classical_gbpjpy_body_gbp.png, GBP/JPY Classical Technical Report 04.05

GBP/JPY: The cross continues to show evidence of the formation of a meaningful base, with the latest topside acceleration blowing through a good deal of significant resistance levels in the form of the 200-Day SMA and critical multi-day highs from October 2011 at 127.35. Still, while we do see the market in the process of carving meaningful longer-term base, daily studies are unwinding from stretched levels and we look for the market to start to pull back over the coming days before a fresh upside extension. There is some good resistance above 133.00 which could ultimately cap for now. Look for setbacks to be well supported above the 100-Day SMA.

--- Written by Joel Kruger, Technical Currency Strategist

To contact Joel Kruger, email jskruger@dailyfx.com. Follow me on Twitter @JoelKruger

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