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Forex Daily Technical Analysis

Forex Daily Technical Analysis

GBPUSD looks like it breaks the triangle formation to the upside, supporting the bullish scenario for the pair. The price is trading above the 100H MA enhancing the positive momentum.

USDJPY is under pressure today and has fallen below trend line support and below the 100 and 200 bar MAs on the 4-hour chart. The price has also moved below swing levels in the 101.91-95 area. I expect a corrective move back above the 101.90 – so traders might be sniffing at buying, and sellers might lock some profits. A rebound can drive us higher at 102.58

 

Find out How to Draw Trend Lines

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