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GBPJPY remains in strong upside tendency in long-term RSI flirts with uptrend line above 70 Stochastic looks overstretched GBPJPY is declining somewhat after rallying to a fresh 16-year high of 206.15 earlier in the week. The pair posted 13 straight days of gains before falling near the 261.8% Fibonacci extension level of the down leg […]

The post GBPJPY Eases After Hitting New 16-Year High appeared first on Action Forex.

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27/05/2024

Quiet Start to a Week Where Inflation Will Be in Focus

In focus today The week kicks off with a very light schedule. We receive the Germany Ifo indicator for May at 10.00 CET. The past two months have seen an increase in the assessment of the business situation, and it will be interesting to see if this continued in May. The US is out today […]
23/05/2024

Elliott Wave Analysis on Oil (CL) Looks for Short Term Weakness

Short Term Elliott Wave in Light Crude Oil (CL) suggests the decline from 4.12.2024 high is in progress as a 5 waves impulse. Down from 4.12.2024 high, wave 1 ended at 81.56 and wave 2 rally ended at 86.28. Wave 3 lower ended at 76.89. The 1 hour chart below shows the starting point from […]
12/07/2024

Japanese Yen Surges: Potential Intervention Amid Inflation Shocks

The USD/JPY pair experienced a significant drop to 159.06, driven by sharp declines following the release of unexpectedly low US inflation figures and potential interventions from Japanese authorities. On Thursday, the pair plunged nearly 3%, prompted by US inflation data and rumours of Tokyo’s intervention to bolster the yen, which is nearing 38-year lows. Masato […]