GBP JPY Weekly Forecast: USD/JPY GBP/USD EUR/JPY KEY SUPPORT & RESISTANCE FOR THE WEEK OF NOV 4 -8

**Forex Weekly Analysis: November 4th – November 8th, 2023**

Welcome to this week’s Forex analysis! In this video, we dive deep into the market structures and key levels for USD/JPY, GBP/USD, and EUR/JPY as we navigate through the week of November 4th to November 8th. With the U.S. elections creating uncertainty in the markets and November being a crucial month for banks to finalize their P&L, volatility is expected to be high.

**USD/JPY Analysis:**
Starting with the U.S. dollar against the Japanese yen, the current market structure suggests strong support at 151.80. As we move through this volatile period, the price action is critical. We see resistance forming at 153.85, and for bullish momentum to continue, we need a break above 154.25, potentially paving the way to test the 155.43 level. The main support level to watch is 148.74; a break below 149.90 would serve as a warning sign, indicating a potential downward shift. Key levels to watch include the intermediate point at 151.20 and minor support at 151.75. The market appears to be consolidating within a range of 154.00 to 150.20, so traders should keep a close eye on price movements within this zone.

**GBP/USD Analysis:**
Turning to the Sterling Dollar, the bearish sentiment continues as levels remain unchanged from last week. The key resistance level to watch is at 130.40; a break above this level could signal a shift in momentum. Main resistance is located at 131.10. On the downside, a break of the critical support at 128.54 could lead to a drop to the 128 figure, with targets set around 127.50. The bearish trend remains intact unless we see a significant shift.

**GBP/JPY Analysis:**
In the Sterling-Yen cross, we have a pivotal point at 197.90. A break above this level is essential to target the 198.80 mark and show any strength towards the psychological 200 level. The critical support level to hold is at 196.46; a breach here would take us down to 194.35.

**EUR/JPY Analysis:**
Lastly, the Euro-Yen pair appears to be holding up better than the other cross currency pairs. Maintaining above 163.60 is crucial; a break below this level could see prices drop to 162.20. The outlook remains neutral to slightly bullish, with a break above 165.80 potentially leading to a test of last week’s high at 166.80, and further up to 167.45.

Join us as we analyze these key levels and market dynamics to help you navigate the Forex landscape this week. Don’t forget to like, subscribe, and hit the notification bell for more updates!
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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