Daily Trading Analysis 17.05.2023

Technical & Fundamental analysis

Trading Analysis of EUR/JPY EUR/JPY is flat on the day and has stuck to a range of between 148.05 and 148.29 so far. The price action has been range bound for the initial balance of the week testing in the 147.50s and 100 pips higher to the 148.50s. Our Analysis: While the price is above 146.80, follow the recommendations below: Time frame: D1 Recommendation: long position Entry point: 148.52 Take Profit 1: 151.50 Take Profit 2: 153.00 Alternative scenario: If the level 146.80 is broken-down, follow the recommendations below: Time frame: D1 Recommendation: short position Entry point: 146.80 Take profit 1: 145.40 Take Profit 2: 143.00 Learn More Trading Analysis of GBP/JPY GBP/JPY retreats towards 170.00 on strong Japan GDP, BoE’s Bailey eyed. Our Analysis: As long as the price is above 166.00 follow the recommendations below: Time frame: D1 Recommendation: long position Entry point: 170.55 Take profit 1: 172.00 Take Profit 2: 174.00 Alternative scenario: If the level of 166.00 is broken-down, follow the recommendations below:  Time frame: D1 Recommendation: short position Entry point: 166.00 Take profit 1: 164.60 Take profit 2: 162.70 Learn More Fundamental Trading Analysis of Home Depot May is a significant month for Home Depot as it experiences a surge in customer traffic due to the rise in temperatures and energetic spending on home improvement products. Our Analysis: As long as the price is above 277.00, follow the recommendations below: Time frame: D1 Recommendation: long position Entry point: 281.98 Take Profit 1: 303.00 Take Profit 2: 313.00 Alternative scenario: If the level of 277.00 is broken-down, follow the recommendations below: Time frame: D1 Recommendation: short position Entry point: 277.00 Take Profit 1: 268.00 Take Profit 2: 260.00 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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