TECHNICAL ANALYSIS GBPUSD MONTHLY CHART (10-YEARS)


GBPUSD MACD is bottoming but while below 1.3500 a dip to 1.3029 is not ruled out over the coming weeks. That said, we still expect the upside to resume and test the long-term downtrend that comes in around 1.4750 by mid 2018. Given the resistance around the 1.4750- 1.4835 area we expect a respite in Q3 and Q4 of 2018 the year end target of around 1.4000. A break below 1.2796 will avert further upside chances.


FX


USDJPY MONTHLY CHART (10-YEARS)


USDJPY momentum is improving and we expect a break above 114.36 to open a further upside to 118.64, possibly 120.00. However, this is an area of strong resistance and hence, should cap gains over the medium term. A deeper dip to 107.47-110.13 is not ruled but a break below 1.07.47 will avert further upside targets.


FX TRADER MAGAZINE January - March 2018 67


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