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GBP/JPY Broke Big Support with Conviction

GBP/JPY Broke Big Support with Conviction

Paul Robinson, Strategist

GBP/JPY Trade Highlights:

  • GBP/JPY big bearish day through confluence of support
  • Clears path for potentially much lower prices
  • Old support becomes new level of resistance

For longer-termset-ups, check out our Top Trading Opportunities for 2018

Yesterday, GBP/JPY broke a big zone of support in the 148/147 vicinity with strong momentum. The zone consisted of three angles of support; price levels dating back to December 2016, trend-line running up from October 2016, and the 200-day MA.

With support broken the zone just above turns into resistance as long as price stays contained below on a daily closing basis. Looking to the left on the chart there isn’t much in the way of price support until beneath 140. It’s a big move from here to there, but GBP/JPY (yen in general) is known for being able to pick up momentum in a hurry. There is a trend-line from April a couple hundred points lower to keep an eye on, though, but beyond there price support doesn’t arrive for a while.

GBP/JPY Daily Chart (big support broken)

gbpjpy daily price chart with support break

Struggling with confidence? You’re not alone. These 4 ideas may get you back on track – Building Confidence in Trading

Swing-traders (days to weeks) can look for entries around current levels, with a move back above 14965 (above yesterday's bearish-bar high) as a stop-out on confirmation GBP/JPY has firmly reclaimed broken support. Those traders with short-term hold times (few days max) can use the break on the daily as a guide to trade along the path of least resistance. Should set-ups develop with short-term objectives we’ll do an update and also highlight them in the Wednesday and Friday technical webinars.

Resources for Forex & CFD Traders

Whether you are a new or experienced trader, we have several resources available to help you; indicator for tracking trader sentiment, quarterly trading forecasts, analytical and educational webinars held daily, trading guides to help you improve trading performance, and one specifically for those who are new to forex.

---Written by Paul Robinson, Market Analyst

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.