Daily Trading Analysis 16.11.2022

Technical & Fundamental analysis

Trading Analysis of EUR/JPY EUR/JPY extends the auspicious start of the week and reclaims the area above the 145.00 barrier on Tuesday. If the corrective bounce gathers extra steam, then the cross should face initial resistance at the so far November high at 147.11 (November 9). The surpass of this level could open the door to a more meaningful move to the 2022 peak at 148.40 (October 21). Our Analysis: While the price is above 144.00, follow the recommendations below: Time frame: D1 Recommendation: long position Entry point: 145.05 Take Profit 1: 149.00 Take Profit 2: 151.00 Alternative scenario: If the level 144.00 is broken-down, follow the recommendations below:: Time frame: D1 Recommendation: short position Entry point: 144.00 Take profit 1: 142.50 Take Profit 2: 141.00 Learn More Trading Analysis of GBP/JPY The GBP/JPY cross gains some positive traction for the third successive day on Wednesday and maintains its bid tone through the early European session. The cross, however, retreats a few pips from a multi-day high and slides back below the 166.00 mark following the release of UK inflation figures. Our Analysis: As long as the price is below 166.50 follow the recommendations below: Time frame: D1 Recommendation: short position Entry point: 165.64 Take profit 1: 163.00 Take Profit 2: 159.70 Alternative scenario: If the level of 166.50 is broken-out, follow the recommendations below: Time frame: D1 Recommendation: long position Entry point: 166.50 Take profit 1: 168.80 Take profit 2: 171.15 Learn More Fundamental Trading Analysis of Meta Platforms Facebook's parent company, Meta Platforms, reported Q3 earnings in late October, and shares fell more than 24% on the news. Our Analysis: As long as the price is above 103.00, follow the recommendations below: Time frame: D1 Recommendation: long position Entry point: 116.67 Take Profit 1: 124.00 Take Profit 2: 137.00 Alternative scenario: If the level of 103.00 is broken-down, follow the recommendations below: Time frame: D1 Recommendation: short position Entry point: 103.00 Take Profit 1: 94.00 Take Profit 2: 84.00 Learn More Risk Warning: Forex and CFD trading carry a high degree of risk. As such they may not be suitable for all investors. Investors should ensure they fully understand the risks associated with CFD trading before deciding to trade. Investors may choose to seek independent advice and should not risk more than they are prepared to lose.

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