Crude Oil & US Stocks Rise as Japanese Yen Weakens
Crude Oil & US Stocks Rise, Japanese Yen Weakens
In
the early hours of Asian-Pacific trading, the extended Japanese Yen weakness
was witnessed while the US Stocks and Crude Oil moved higher. However, the rise
in crude oil prices could be attributed to the UAE's announcement of price
increment for its buyers. The announcement comes at a time when the Ukraine-Russian
situation is cautioned with heavy sanctions, which adversely affects the supply
concerns.
GBPJPY Technical Forecast
On
1st April 2022, GBPJPY tested the 38.2% Fibonacci Retracement level
and moved to 161.493 on 5th April 2022, touching the 23.6% Fibonacci
level. The market behavior acts as a continuous range that began on 29th
March 2022 to today (5th April 2022). The range movement has
maintained its strands between the 23.6% Fib and 38.2% Fib levels. As per the
current situation, the market has not given a clear indication of the direction
it intends to take. Technically, a break above the 23.6% Fibonacci Retracement
level might see it rally over 165.xxx, while a break below the 38.2% Fibonacci
Retracement level will push it to a low of 149.xxx in the coming weeks/days.
While
considering the volatility and the massive movements that have been witnessed
over the last four weeks, it is no doubt that GBPJPY will resume its downward
movement to a low of 138.xxx before embarking on its massive bullish journey to
242.xxx. In the meantime, the range movement is purposed to capture and lock as
many retail traders as possible in the bullish movement.
GBPJPY Retail Traders' Sentiments
In the last couple of days, the number of
retail traders on a bearish trend has changed from 81% to 74% (See Retailsentiments here). It is an indication that more retail traders are making the
mistake of changing their side as they try to chase the market. A slight market
movement below 159.9958 will see the majority of bullish traders get locked in
the bullish trend for the longest time possible. Considering the above
technical and sentimental behaviors in the GBPJPY market trend, Analyticdave
remains a BEAR Bias in the pair.
GBPJPY Technical Analysis: Bearish Trend
Analytic Dave
AnalyticalDave is a personal financial analysis portfolio that captures my Derivatives trading, stock, and investing journey. My portfolio does NOT act as a financial advisor to any community. It is only purposed for journaling my story as a self-taught trader and investor.
