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
Mixed
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
Oil - US Crude
Mixed
Wall Street
Bearish
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
Gold
Mixed
GBP/USD
Bullish
USD/JPY
Mixed
More View more
Real Time News
  • RT @CadieThompson: RESTAURANT APOCALYPSE: More than 110,000 restaurants expect to close up forever in the coming weeks, with millions out o…
  • 🇺🇸 USD ADP Employment Change (MAR), Actual: -27k Expected: -150k Previous: 183k https://www.dailyfx.com/economic-calendar#2020-04-01
  • Forex Update: As of 12:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.06% 🇬🇧GBP: -0.45% 🇨🇭CHF: -0.45% 🇳🇿NZD: -1.08% 🇦🇺AUD: -1.22% 🇨🇦CAD: -1.42% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/HExKGVsOCd
  • ECB's Weidmann states that he is still skeptical of Eurobonds - Die Zeit $EUR
  • Hey, traders 👋 do you want live AMAS with our analysts, market updates and tools to improve your trading strategy? Join us now on Instagram! 👉 https://t.co/pHGzVMqsC4 https://t.co/uoyH5osnuX
  • Heads Up:🇺🇸 USD ADP Employment Change (MAR) due at 12:15 GMT (15min), Actual: N/A Expected: -150k Previous: 183k https://www.dailyfx.com/economic-calendar#2020-04-01
  • Análisis $USDMXN: Peso Mexicano cierra el primer trimestre con pérdidas superiores al 28% #usd #mxn #trading https://t.co/cPRrecg6lf
  • Moody's forecasts China real GDP growth of 3.3% for 2020
  • 🇺🇸 USD MBA Mortgage Applications (MAR 27), Actual: 15.3% Expected: N/A Previous: -29.4% https://www.dailyfx.com/economic-calendar#2020-04-01
  • Why must financial market traders monitor both monetary and fiscal policy? Find out from @MartinSEssex here: https://t.co/Fkzk88Y5gm https://t.co/gIARIOHCxS
Forex: GBP/JPY Technical Analysis – Resistance Met Below 173.00

Forex: GBP/JPY Technical Analysis – Resistance Met Below 173.00

2014-03-07 00:00:00
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: 171.87 (38.2% Fib exp.), 170.70 (23.6% Fib exp.)
  • Resistance: 172.81 (50% Fib exp.), 173.76 (61.8% Fib exp.)

The British Pound continued to push higher against the Japanese Yen following yesterday’s resistance break. Buyers are testing resistance at 172.81, the 50% Fibonacci expansion, with a break above that targeting the 61.8% level at 173.76. Alternatively, a reversal back below the 38.2% Fib at 171.87 exposes the 23.6% expansion at 170.70.

At this point, prices are too close to relevant resistance to justify a long position from a risk/reward perspective. On the other hand, a short trade is premature absent the presence of an actionable downward reversal signal. We will continue to 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 – Resistance Met Below 173.00

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.