GBP JPY today Analysis and Forecast. USD/JPY GBP/USD EUR/USD KEY SUPPORT & RESISTANCE 31 October 24


Welcome to our daily Forex analysis for October 31, 2024! In today’s video, we will dive into the market sentiment and technical levels for four major currency pairs: GBP/JPY, USD/JPY, GBP/USD, and EUR/JPY. Let’s break down the current trends and key levels to watch as we navigate this volatile trading environment.

**USD/JPY Analysis:**
Starting with USD/JPY, the market sentiment is currently neutral to slightly bearish. The ongoing U.S. elections are creating a volatile channel with no clear direction, which is evident in the trading range. The upper resistance level stands at 153.90, while the lower boundary is at 151.85. For USD/JPY to show any strength, it must hold above the critical level of 152.40. If the pair can maintain this support, the next resistance to overcome is at 153.15. Conversely, if it breaks below 152.40, we could see a decline toward the support at 151.90, and a further breach could lead to levels around 151.35. Traders should watch these key levels closely, as they will guide potential trading strategies in the upcoming sessions.

**GBP/USD Analysis:**
Next, let’s discuss GBP/USD. The pair is currently trading within a channel defined by an upper resistance at 1.3040 and a lower support at 1.2900. The market sentiment here leans bearish, highlighting the need for a decisive breakout. For a bullish reversal, GBP/USD must break and hold above 1.3011, which would pave the way for a potential upward move towards 1.3040. However, if it breaches the lower support at 1.2875, we may see declines toward 1.2835 and further to the main support level at 1.2790. This makes it crucial for traders to monitor these levels for potential entry and exit points.

**GBP/JPY Analysis:**
Moving on to GBP/JPY, the resistance at 199.80 has held firm, and the pair has filled the recent gap, finding support at 197.20. For GBP/JPY to maintain a bullish tone, it must hold above this support level. A failure to do so could lead the pair down to 196.40. Currently, the first line of defense is at 197.55, which is critical for keeping the bullish outlook intact. If GBP/JPY can rally above this level, the next resistance to watch is at 198.39. Traders should keep a close eye on these critical support and resistance levels to gauge the pair's direction.

**EUR/JPY Analysis:**
Finally, we have EUR/JPY. The resistance at 166.86 has held, pushing the market down to 164.90. For the pair to regain strength, it needs to hold above 165.50. If this level can be maintained, it could lead to a push toward the resistance at 166.10. However, a breakdown below 165.50 would likely bring the price back to 164.90, with potential declines opening up to 164.70 and then 163.75. This dynamic makes it essential for traders to stay alert to fluctuations around these levels.

In conclusion, today’s market analysis reveals varying sentiments across the currency pairs, driven largely by external factors such as the ongoing elections in the U.S. As always, we recommend keeping an eye on these key levels and sentiment indicators to inform your trading decisions. Don’t forget to like, subscribe, and hit the notification bell for more updates on Forex trading! Happy trading!
Introducing Tom Alongi, a seasoned expert in the world of foreign exchange trading, whose illustrious career spans over three decades. Tom served as the Chief Dealer at CRT Bank NY, where he honed his skills and expertise in managing complex currency trades. He later took on the role of Chief Cross Currency Forex Dealer at DG Bank in New York specializing in GBP/JPY and EUR/JPY(DEM/JPY), where his strategic insights and leadership were instrumental in navigating the fast-paced forex market. Most recently, Tom held the position of Chief Dealer at CRT Bank, overseeing a dynamic team of proprietary traders 30 traders in all, guiding them through the intricacies of cross-currency transactions. With a wealth of experience and a deep understanding of the global financial landscape, Tom is a respected figure in the Forex community, known for his exceptional leadership and market acumen.
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Disclaimer: My trades are for educational purposes only. Past performance does not guarantee future results. ⚠️
00:00 Introduction
01:09 USD/JPY Analysis
04:58 GBP/USD Analysis
07:48 GBP/JPY Analysis
15:22 EUR/JPY Analysis

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