Key Levels Of Trade The Overbought GBPJPY & EURJPY - Forex News by FX Leaders

Key Levels Of Trade The Overbought GBPJPY & EURJPY

Posted Wednesday, December 20, 2017 by
Arslan Butt • 1 min read

As we know the global markets are trading in a light tone and it’s a bit hard to find good trades. But, the Japanese crosses went volatile overnight. We weren’t able to catch these moves earlier, but now it’s time to catch the correction in prices.

Besides that, the uncertainty caused by US Tax Bill may drive demand for haven assets today. Let’s take a look at the support and resistance levels to take a better position in Japanese crosses.

EURJPY – Major Trading Levels

Support     Resistance

132.03        133.44

131.6          133.87

130.9          134.58

Key Trading Level:  132.74

GBPJPY – Major Trading Levels

Support     Resistance

149.44        151.68

148.76        152.36

147.64        153.48

Key Trading Level:  150.56

Folks, make sure to watch BOE Gov Carney Speaks at 13:15 (GMT) as he is due to testify on the November Financial Stability Report before the Treasury Select Committee, in London. This may drive some moves in the GBPJPY today. Good luck and have a profitable day!

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About the author

Arslan Butt // Index & Commodity Analyst
Arslan Butt is our Lead Commodities and Indices Analyst. Arslan is a professional market analyst and day trader. He holds an MBA in Behavioral Finance and is working towards his Ph.D. Before joining FX Leaders Arslan served as a senior analyst in a major brokerage firm. Arslan is also an experienced instructor and public speaker.
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