Forecast for the GBP/JPY

Join countless traders worldwide who use
the Hawkeye algorithms day in and day out to gain a powerful edge

Forecast for the GBP/JPY

gbp/jpy daily chart
GBP/JPY – Daily Chart

With the US markets closed today for the annual Thanksgiving holiday, focus in the currency markets has centered around the Japanese Yen once again, as money flows continue to move into other currencies ahead of the Japanese elections in December. Both the USD/JPY and several of the cross currency pairs have seen sharp moves higher, with the GBP/JPY one of these, and climbing on the daily chart once again today, following yesterday’s wide spread up bar, which added further impetus to the move.

Following the breakout above the 130.00 price level, the bullish trend is now firmly established, with both the daily and three day trends firmly established. The Hawkeye Heatmap has also returned to bullish, following a period of transition, and with sustained and rising buying volumes on the daily chart, supported by buyers on the three day chart, the outlook for the GBP/JPY remains very positive. Finally of course, Hawkeye has delivered a conservative entry signal this week giving a solid entry for longer term trend traders in this currency pair.

Apple stock fails to rise following victory over Samsung

Apple on the daily chart
Apple ($APPL) – daily chart using Hawkeye

Apple’s recent patent victory over Samsung appears to have little impact on its share price, which hit a high of $680 on Monday before ending the week lower at $665.24.

This temporary pullback was signaled on the daily chart with two Hawkeye isolated pivot highs, the first on Monday and the second on Wednesday with the share price moving lower as a result. Despite this, however, the overall picture for Apple remains bullish with the chart displaying a bright green Heatmap and a green Trend on the daily and three day chart.

However, it is important to note that over the last two weeks we have seen volume on the daily chart declining and, in addition, this has also appeared as no demand volume, i.e. white, perhaps giving us an early warning signal of a potential reversal for the stock. Indeed on Friday, on the daily chart, we also saw selling volume appearing for the first time since early August adding further weight to this view. This pullback may be only temporary in the longer term bullish trend, but once again Hawkeye is giving an early warning signal of a possible reversal for the stock in due course.

If you would like to see Hawkeye in action, simply click the link below to join one of our Free Live Training Rooms where we trade using the full suite of tools and indicators across all the markets.

[sg_popup id=13743]