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.

Free Trading Guides
EUR/USD
Bullish
Oil - US Crude
Bearish
Wall Street
Bullish
Gold
Bullish
GBP/USD
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
USD/JPY
Bearish
More View more
Real Time News
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 95.72%, while traders in US 500 are at opposite extremes with 71.66%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/fRKIEW9Qe9
  • Heads Up:🇪🇺 EUR German Unemployment Claims Rate s.a. (MAR) due at 07:55 GMT (15min), Actual: N/A Expected: 5.1% Previous: 5.0% https://www.dailyfx.com/economic-calendar#2020-03-31
  • Heads Up:🇪🇺 EUR German Unemployment Change (000's) (MAR) due at 07:55 GMT (15min), Actual: N/A Expected: 25.0k Previous: -10.0k https://www.dailyfx.com/economic-calendar#2020-03-31
  • Commodities Update: As of 07:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 4.54% Silver: 0.77% Gold: -0.38% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/3CdfglYP4g
  • #Bitcoin prices may see a pickup in volatility ahead of the 2020 halving as the #coronavirus pandemic threatens to disrupt cross-continental $BTC mining operations. Get your market update from @ZabelinDimitri here: https://t.co/BoH24MVf4P https://t.co/yuEA4wdlS9
  • Forex Update: As of 07:00, these are your best and worst performers based on the London trading schedule: 🇦🇺AUD: 0.06% 🇳🇿NZD: -0.05% 🇨🇦CAD: -0.17% 🇨🇭CHF: -0.48% 🇯🇵JPY: -0.61% 🇬🇧GBP: -0.87% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/hOyPH71ZfE
  • Indices Update: As of 07:00, these are your best and worst performers based on the London trading schedule: Germany 30: 1.85% France 40: 1.47% US 500: 0.46% Wall Street: 0.38% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/UxILaRvSdH
  • 🇨🇭 CHF Retail Sales Real (YoY) (FEB), Actual: 0.3% Expected: N/A Previous: -0.1% https://www.dailyfx.com/economic-calendar#2020-03-31
  • Missed today's #AUDUSD weekly outlook webinar? See the recording here - https://t.co/6k1KCuxr50 Some of the topics discussed were: - #coronavirus economic impact - #Fed #QE as catalyst for AUD rise - scope for renewed #USD gains
  • RT @DailyFXEspanol: Análisis del $XAUUSD: El precio del oro se estanca, ¿qué nos dice el gráfico? #trading #covid19 https://t.co/7x2Zdt0AnA…
Forex: GBP/JPY Technical Analysis – Treading Water Above 169.00

Forex: GBP/JPY Technical Analysis – Treading Water Above 169.00

2014-03-03 04:30:00
Ilya Spivak, Head Strategist, APAC
Share:

To receive Ilya's analysis directly via email, please SIGN UP HERE

Talking Points:

  • GBP/JPY Technical Strategy: Flat
  • Support: 169.28 (23.6% Fib exp.), 167.68 (38.2% Fib exp.)
  • Resistance: 171.11 (trend line), 171.87 (Feb 18 high)

The British Pound continues to tread water against the Japanese Yen, with prices moving sideways below trend line resistance set from early January. A break below initial support is at 169.28, the 23.6% Fibonacci expansion, exposes the 38.2% level at 167.68. Alternatively, a push above the trend line (now at 171.11) targets the February 18 high at 171.87.

A string of consecutive indecision candles and flat-lining daily change readingshint at ebbing bullish momentum but fall short of offering firm confirmation of reversal. Risk/reward considerations are also skewed against taking a trade with prices trading too close to relevant up- and down-side technical barriers. We will continue stand aside for now.

Confirm your chart-based trade setups with the Technical Analyzer. New to FX? Start Here!

dailyclassics_gbp-jpy_body_Picture_11.png, Forex: GBP/JPY Technical Analysis – Treading Water Above 169.00

Daily Chart - Created Using FXCM Marketscope 2.0

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

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

DISCLOSURES

News & Analysis at your fingertips.