USD/JPY fills the gap, forex trading GBP/USD on higher tax rates [Video]
|We spotted this gap on all JPY pairs and, sure enough, price action filled the gap.
Will JPY continue stronger?
On USDJPY we see confluence on the stochastic oscillator and support just below so we will watch for a break or a bounce.
The first UK Labour budget came out with big tax rises which always drives a currency higher.
The most noticeable were GBPUSD and GBPCHF we will watch price action for possible reversals.
If you want to trade on the technicals be careful.
For example, we see a range trading opportunity on GBPUSD with the stochastic oscillator heading into overbought territory on the one-hour chart, but the contrary on the four-hour chart.
We see the same contradictions in all GBP pairs including EURGBP.
We promised to take a look at USD pairs ahead of tomorrow’s Non-Farm Payrolls but, to be honest, not much is happening ahead of the US general election next week.
Let’s see if the NFPs or the elections can help or hurt the US Indices with all of them falling.
The Dow Jones Industrial Average has fallen to support.
Last time we noted that gold was heading back up and it didn’t disappoint.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.