Forex Trading on JPY: Can it Get any Weaker? Trading Short WTI. Range Trading on CAC40?

In today’s GCI Market Outlook, let’s take a look at Forex Trading on GBPUSD, WTI Crude Oil, the CAC40, EURJPY, and USDJPY.

We spotted some bullish signs on JPY pairs last Monday and look what happened.

If someone years ago told me that GBPJPY was going to hit 208 yen, I would have told them that they were crazy.

But here we are and there is no end in sight for JPY weakness except for a BoJ policy meeting at the end of the month.

Last time, as well we were looking at buying the dip on the CAC40 and we finally got a bottom at support.

This lined up perfectly with the stochastic oscillator on the technical side and we may be looking at a range trading opportunity.

On the fundamental side, investors will be watching for policies and some certainty from the new French government.

Crude Oil price started falling and price action has clearly broken the lower trend line.

This bullish green candle represents a much lower-than-expected US Crude Oil Inventory figure.

But we see the bear run continuing and the stochastic oscillator has turned down from overbought.

GBP is flying high on the back of the election and overbought signals on all pairs.

However, let’s wait for confirmation of a reversal before we open any positions.

That’s all for now.

CFDs and FX are leveraged products and your capital may be at risk.