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JPY Weakness Coming to an End? Forex Trading WTI on Middle East Conflict. Gold (XAUUSD) in Symmetrical Pennant.

JPY Weakness Coming to an End? Forex Trading WTI on Middle East Conflict. Gold (XAUUSD) in Symmetrical Pennant.

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In today’s GCI Market Outlook let’s take a look at Forex Trading on the USDJPY, WTI Crude Oil, and Gold (XAUUSD).

We see price action on gold in a symmetrical pennant and the stochastic oscillator looking very oversold.

The price of gold is high right now based on extra central bank purchases of gold and the escalating conflict in the Middle East.

The recent escalations between Israel and Lebanon 2 days ago had an effect on price action but it has settled back into this consolidation pattern.

This presents a range trading opportunity for us on lower time frames until price action breaks out.

Price action on WTI Crude Oil was affected more by the conflict as price rose $6 within one day.

It retraced yesterday, out of this double top, but watch for more movement if hostilities continue or if we hear rumours of peace.

If you want to trade Gold, or anything paired with USD, watch out for tomorrow’s Non-Farm Payroll report.

USD has been showing some strength lately and if the NFPs drive price action against the trend, this gives us an opportunity to trade WITH the trend.

You may recall in our last video a long opportunity on JPY pairs with the stochastic oscillator being very oversold.

Well, look what happened.

Check the charts as we may be looking at a reversal of JPY pairs like USDJPY now at resistance at 147 yen.

That’s all for now.

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