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Technical Outlook

  

-USDJPY is in a strong bullish trend, trading between $149.036 and $151.763. If the price breaks the $15.763, traders may seek a buy call.

-GBPUSD respects the bullish trend line, and a Doji candle formation shows indecision. The scenario looks like the bullish move is due.

U.S. Consumer Price Index

The Consumer Price Index (CPI) measures the change in the price of goods and services from the perspective of the consumer. It is a key way to measure changes in purchasing trends and inflation.

A higher than expected reading should be taken as positive/bullish for the USD, while a lower than expected reading should be taken as negative/bearish for the USD.

The previous Actual data was 4.00%. The forecasted data is 0.3%. The report is due Tuesday, November 14, 2023, 19:00 GMT.

USDJPY Technical Analysis:

USDJPY is in an uptrend, trading inside the bullish channel. As seen in the chart, the price continuously makes higher highs and lowers. The market is stuck between the two zones, $149.036 and $151.763.

There is no sign of bearish movement, as the 50EMA also supports the trend by ranging below the current price. The RSI line is at 62.73, signalling an overbought condition. Traders should go with the trend, and the overall trend is bullish. It is a valid BUY if the price stays above the $149.036 zone.

Pivot Points: USDJPY

  Support  Resistance
S1151.72R1151.90
S2151.63R2151.99
S3151.55R3152.08

U.K. Consumer Price Index (CPI)

The Consumer Price Index (CPI) measures the change in the price of goods and services from the perspective of the consumer. It is a key way to measure changes in purchasing trends and inflation.

A higher than expected reading should be taken as positive/bullish for the GBP, while a lower than expected reading should be taken as negative/bearish for the GBP.

The previous Actual data was 6.7%. The forecasted data is 6.6%. The report is due Wednesday, November 15, 2023, 12:30 GMT.

GBPUSD Technical Analysis:

GBPUSD was in a downtrend, with the price trading inside the bearish channel. The price recently formed its bottom at $1.20371 and went into a consolidation state. The price was stuck between $1.20691 and $1.22988.

The price most recently broke out of range, and the 50EMA moved up. A fake breakout could be seen during the previous swing high formation, but then an inverted hammer formation showed the bears are still slightly in control of the price. Drawing a bullish trend line validates an incoming bullish move as a small Doji candle at the trend line shows indecision.

A confluence could be seen where buyers had a good trading opportunity. Price may trade and break the previous swing high; if it did, a lower time frame could give a better understanding of the entry for a BUY. The next major resistance would be near $1.25434. However, the trend is bearish and may go further if the buyers cannot maintain the momentum.

Pivot Points: GBPUSD

  Support  Resistance
S11.2233R11.2245
S21.2226R21.2250
S31.2221R31.2257

Vantage does not represent or warrant that the material provided here is accurate, current, or complete, and therefore should not be relied upon as such. The information provided here, whether from a third party or not, is not to be considered as a recommendation; or an offer to buy or sell; or the solicitation of an offer to buy or sell any financial instruments; or to participate in any specific trading strategy. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. We advise any readers of this content to seek their own advice. Without the approval of Vantage, reproduction or redistribution of this information is not permitted.

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