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  • Italian PM Conte convenes cabinet for Tuesday to inform ministers he is resigning - Cabinet office $EUR Confirming earlier reports
  • Gains on $WTI Crude have stalled out this month below $54.00. The commodity is currently trading around $52.30 after falling to a two-week low late last week. $OIL $USO https://t.co/8Rq7RCrXZB
  • No notable reaction in BTPs given that resignation from Conte has been touted earlier in order to put together a new government. Also, a resignation does not necessarily mean that a snap election will be the next step as of yet.
  • The retail speculative crowd is throwing around serious weight with GameStop today, but its appetites have been showing through with the likes of Tesla and FAANG before that. The Broader $NDX to $SPX ratio seems to similarly exhibit the charge: https://t.co/43fWH81O8S
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 100.00%, while traders in GBP/JPY are at opposite extremes with 66.51%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/oMldfyQvSy
  • AUD/USD still tracks the opening range for January amid the limited reaction to Australia’s Employment report. Get your $AUDUSD market update from @DavidJSong here:https://t.co/zrP58XUTln https://t.co/slnI0wp7N4
  • The focus will shift as to whether Conte will search for a new parliamentary majority As a reminder, PD Lawmakers noted that they would guarentee support for Conte as head of new government if he resigns $EUR https://t.co/8m5VDxfmMf
  • Italian PM Conte is expected to resign as early as Monday - Officials $EUR
  • Commodities Update: As of 17:00, these are your best and worst performers based on the London trading schedule: Gold: 0.13% Oil - US Crude: -0.19% Silver: -0.47% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/KzmYUuyoam
  • BoE Governor Bailey: - Digital innovations in payments are here to stay - Haven't yet landed on the appropriate design for a lasting digital currency - Doesn't think cryptocurrencies are lasting yet #BoE $GBP
Forex: GBP/JPY Technical Analysis – Support Seen Above 167.00

Forex: GBP/JPY Technical Analysis – Support Seen Above 167.00

Ilya Spivak, Head Strategist, APAC

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Talking Points

  • Prices recoiled from resistance at 170.66 (14.6% Fib exp.)
  • Below 167.14-50 (channel floor, 38.2% Fib ret.) exposes 164.77 (50% Fib ret.)
  • Above resistance aims for 172.47-173.19 (23.6% Fib exp., channel top)

Confirm your chart-based trade setups with the Technical Analyzer.

dailyclassics_gbp-jpy_body_Picture_10.png, Forex: GBP/JPY Technical Analysis – Support Seen Above 167.00

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

Contact and follow Ilya on Twitter: @IlyaSpivak

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GBP/JPY
Bullish