We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
EUR/USD
Mixed
Oil - US Crude
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Wall Street
Bearish
Gold
Bullish
GBP/USD
Mixed
USD/JPY
Mixed
More View more
Real Time News
  • Commodities Update: As of 02:00, these are your best and worst performers based on the London trading schedule: Silver: 0.22% Oil - US Crude: -0.12% Gold: -0.14% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/7UGWflcF7Y
  • - #NZDCHF outlook bearish as the pair struggles to surmount key resistance range - #NZDCAD trading at 13-month highs, but are technical cues hinting at a pullback? - #AUDNZD is again retreating from five-year resistance – how much will it decline? https://www.dailyfx.com/forex/market_alert/2020/07/08/New-Zealand-Dollar-Analysis-NZDCHF-NZDCAD-AUDNZD.html
  • Forex Update: As of 02:00, these are your best and worst performers based on the London trading schedule: 🇬🇧GBP: 0.08% 🇪🇺EUR: 0.00% 🇨🇦CAD: 0.00% 🇨🇭CHF: -0.04% 🇦🇺AUD: -0.10% 🇯🇵JPY: -0.12% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/lTYr3UzRhP
  • RT @DanielGMoss: A ‘second wave’ of #COVID19 cases threatens to hamper #Australia's tentative recovery Uncertainty around the future of fi…
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.26%, while traders in NZD/USD are at opposite extremes with 72.66%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/ksJ0N2pq6W
  • A macro forex trading guide exploring how to trade the Euro vs the Swedish Krona and Norwegian Krone through the prism of the Core-Perimeter model. Get your market update from @ZabelinDimitri here:https://t.co/n6zwlZJmGO https://t.co/F8sLZvRG1q
  • If you missed today's session on IG Client Sentiment where I discussed the outlook for the #DowJones, $AUDUSD and $USDCAD while discussing fundamentals and technicals, check out the recording below and stay tuned for a full report! - https://t.co/2wVxhtItzX
  • Wall Street Futures Update: Dow Jones (+0.213%) S&P 500 (+0.175%) Nasdaq Composite (+0.242%) [delayed] -BBG
  • RT @margaretyjy: Watch my Bloomberg TV interview at 9:00AM Singapore time. Coming in soon! https://t.co/Z6u6offept
  • The Core-Perimeter trading model helps traders understand interactions between global economies, helping to trade the assets embedded in these relationships. Get your market update from @ZabelinDimitri here:https://t.co/dKRAo00lfA https://t.co/jw5uvZBvRx
GBP/JPY Rally Eyeing Near-term Resistance Targets

GBP/JPY Rally Eyeing Near-term Resistance Targets

2016-05-18 16:16:00
Michael Boutros, Strategist
Share:
  • GBPJPY rally approaching near-term resistance objectives
  • Updated targets & invalidation levels
  • Check out FXCM’s Forex Trading Contest!

GBPJPY Daily

GBP/JPY Rally Eyeing Near-term Resistance Targets

Chart Created Using FXCM Marketscope 2.0

Technical Outlook: GBPJPY is attempting a breach above a sliding parallel extending off the late-November low with the broader focus weighted to the topside while above 1.5617/35. This region is defined by the 50% retracement of the advance off the 2011 low & the February low-day close. We’ve been following this trade on SB Trade Desk since rebound off the low median-line earlier this month with the advance through the monthly opening range approaching some near-term resistance targets that could offer a reprieve for the yen. Broader topside objectives are eyed at 162.68 & 163.96- both of which converge on longer-term median-lines and could provide more significant resistance.

Avoid the pitfalls of near-term trading strategies by steering clear of classic mistakes. Review these principles in the "Traits of SuccessfulTraders” series.

GBPJPY 30min

GBP/JPY Rally Eyeing Near-term Resistance Targets

Notes: Last night’s rally in Asia constituted an objective break of the weekly opening range, keeping the topside bias in play. We closed out some long-exposure earlier today with the immediate advance at risk heading into confluence Fibonacci resistance into 160.59/63. Interim support rests at 159.29 backed by 158.47 with our near-term bullish invalidation level pegged at 157.31. A breach above this key resistance threshold eyes subsequent topside targets at 161.75 and the monthly high at 162.80. Continue tracking this setup and more throughout the week- Subscribe to SB Trade Desk and take advantage of the DailyFX New Subscriber Discount.

Keep in mind this is a wider range scalp with a quarter of the daily average true range (ATR) yielding profit targets of 54-58 pips per scalp. Added caution is warranted headng into UK Retail Sales data tomorrow with the release likely to fuel increased volatility in sterling crosses. Check out SSI to see how retail crowds are positioned as well as open interest heading into the close of the week.

Looking for trade ideas? Review DailyFX’s 2016 2Q Projections!

Relevant Data Releases

GBP/JPY Rally Eyeing Near-term Resistance Targets

Other Setups in Play:

---Written by Michael Boutros, Currency Strategist with DailyFX

Follow Michaelon Twitter @MBForex contact him at mboutros@dailyfx.com or Click Here to be added to his email distribution list

Join Michael for Live Scalping Webinars on Mondays on DailyFX and Tuesday, Wednesday & Thursday’s on SB Trade Desk at 12:30 GMT (8:30ET)

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

DISCLOSURES

News & Analysis at your fingertips.