Mar 172023

Yesterday we saw comfort from ECB indicating that they have the set of tools to deal with whatever financial instability that may come. Market went bullish for the rest of the trading day. However, we have to still see what FED has to say and not until they come out with their statements, market may still remain bearish.

GBPJPY, 23-03-17, Asian Session by traderh on

Technically, my main bias remains bearish as market has maintained a lower low and lower high price pattern (day 2 and day 3) in the dailies. Coincidentally, yesterday’s high (162.10) sits on 61.8% retracement of the whole bearish leg from Wednesday. A break of that high with a close above that level may signify that the downward moment will slow down.

For today’s trade idea, I am seeing a short near 162.00 with a target of 160.00.

On a farther perspective, my bias is an overall short up to March 22. We may possibly see a reversal on March 23 where the FED comes out to relieve market stress.

Trader H

TraderH is a foreign currencies trader and a former Certified Securities Representative in the Philippine equities market. All posts herein are personal views and are not endorsed by any organization whatsoever. It is important that you practice due diligence in your trade plans. This website and its authors will not be held responsible nor liable to any of the reader's losses.