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We’ve recently noted that the UK Manufacturing and construction PMIs rose to 54.4 and 52.5 levels respectively in May 2018 from the previous month's 17-month low of 53.9 of manufacturing PMI, and well above market expectations of 53.5. Consequently, GBP crosses are spiking higher above DMA levels, especially GBPJPY, the pair has bottomed out from the lows of 143.195 levels and spiking higher to the current 146.746 levels.
Technical chart and candlestick patterns occurred: Dragonfly doji occurs at 144.100 levels that spikes-off rallies, subsequently, the current price well above DMAs. For now, upswings seem most likely to be extended on bullish SMA and MACD crossovers (refer 4H chart).
While the intermediate trend spikes through rising channel (refer weekly chart), where shooting star candle occurs at 150.201 levels and evidences considerable slumps below EMAs but cushions at channel support and attempted to bounce back several times, but for now, bears on weekly terms managed to breach below channel support, consequently the current price tumbles well below EMAs, but dragonfly doji occurs at 146.099 levels to counter slumps. But both leading as well as lagging indicators bearish bias (refer weekly chart).
Ever since the occurrence of this bullish pattern, the price sentiment has changed absolutely and minor uptrend seems to be prolonged in near terms (refer 4H chart).
Trade tips:
On speculative grounds, at spot reference: 146.718 levels, we advocate buying one-touch call options using 147.097 strikes.
Alternatively, one can initiate shorts in futures contracts of mid-month tenors with a view to arresting potential downside risks as the underlying pair is on the verge of extending price dips which is 2m lows.
Currency Strength Index: FxWirePro's hourly GBP spot index is flashing -5 (which is neutral), while hourly JPY spot index was at -108 (bearish), while articulating (at 10:00 GMT). For more details on the index, please refer below weblink:
http://www.fxwirepro.com/currencyindex.
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