In this Daily Trade Watch report, we look for high probability trade setups that we can trade throughout the day ahead. Today, we discuss the prospect of JPY and Gold strength.
GBPJPY
Starting with the GBPJPY, the pound has recently been weak against the USD and yesterday the USD has been weak against JPY. So, this combined with the structural failure to the downside in the GBPJPY gives us reason to suggest that if we see a break below yesterday’s low of 147.17 then we are likely to see prices moving lower. These prices could potentially move down to the next level of support around 145.50-146.00 level.
Gold
The second market which we would like to keep a strong eye on is the Gold market. Yesterday, we saw a really strong explosive move to the upside reaching the $1208 level. In today’s trading, we are likely to see continuation to the upside but the major level to see a break above is the long-term weekly and monthly high of $1214. A break above this level would constitute a significant structural failure to the upside with nothing but air above these levels.
Definitely one to watch, especially with the current geopolitical risk with European instability and global trade talks between the US and China.
JPY and Gold Strength Potential – Full Video Analysis
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