October is going to be a key market moving month for Brexit sensitive currency pairs and investors will be monitoring all new developments.
On a 4HTF - The pair met resistance at 135.739 has been on a decline against the Japanese Yen since September 20th.
We see the price failed to rise above the 50 EMA, which is pointing slightly down, the price is below the cloud and the bias remains bearish.
Once we break out of this consolidation to the downside, our target areas are going to be at 38.2% Fibo 132.275, followed by 50% Fibo at 131.205. Please note that there are 2 local areas of support around 131.721 and 130.554 for potential target areas as well.
Tomorrow pay attention to Japan Tankan Large Manufacturing and Non-Manufacturing Index at 2:50 GMT +3 and UK will report on Manufacturing PMI at 11:30 GMT +3.
On a 4HTF - The pair met resistance at 135.739 has been on a decline against the Japanese Yen since September 20th.
We see the price failed to rise above the 50 EMA, which is pointing slightly down, the price is below the cloud and the bias remains bearish.
Once we break out of this consolidation to the downside, our target areas are going to be at 38.2% Fibo 132.275, followed by 50% Fibo at 131.205. Please note that there are 2 local areas of support around 131.721 and 130.554 for potential target areas as well.
Tomorrow pay attention to Japan Tankan Large Manufacturing and Non-Manufacturing Index at 2:50 GMT +3 and UK will report on Manufacturing PMI at 11:30 GMT +3.