News & Analysis at your fingertips.

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
Subscribe
Please try again
EUR/USD
Bearish
Oil - US Crude
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
Wall Street
Bearish
Gold
Bullish
GBP/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
USD/JPY
Bearish
More View more
Real Time News
  • Human error in the forex market is common and often leads to familiar trading mistakes. These trading mistakes crop up particularly with novice traders on a regular basis. Learn about the top ten trading mistakes and how you can avoid them here: https://t.co/i8E2AXtzF3 https://t.co/mQbf0KPldQ
  • USDCNH trend break may have legs... https://t.co/7eSxRtiOfI
  • 🇮🇹 Inflation Rate YoY Final (DEC) Actual: -0.2% Expected: -0.1% Previous: -0.2% https://www.dailyfx.com/economic-calendar#2021-01-18
  • 🇮🇹 Inflation Rate YoY Final (DEC) Actual: -0.2 Expected: -0.1% Previous: -0.2% https://www.dailyfx.com/economic-calendar#2021-01-18
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 100.00%, while traders in NZD/USD are at opposite extremes with 70.25%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/UfUYrWiJSX
  • Heads Up:🇮🇹 Inflation Rate YoY Final (DEC) due at 09:00 GMT (15min) Expected: -0.1% Previous: -0.2% https://www.dailyfx.com/economic-calendar#2021-01-18
  • Commodities Update: As of 08:00, these are your best and worst performers based on the London trading schedule: Silver: 0.78% Gold: 0.33% Oil - US Crude: -0.83% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/bSuk3t7OpX
  • Forex Update: As of 08:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.09% 🇨🇭CHF: -0.02% 🇪🇺EUR: -0.04% 🇳🇿NZD: -0.34% 🇦🇺AUD: -0.35% 🇨🇦CAD: -0.43% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/YDr8ENytVl
  • Indices Update: As of 08:00, these are your best and worst performers based on the London trading schedule: FTSE 100: -0.16% Wall Street: -0.23% US 500: -0.27% France 40: -0.48% Germany 30: -0.58% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/e9Gr3M5pOC
  • Heads Up:💶 ECB President Lagarde Speech due at 08:00 GMT (15min) https://www.dailyfx.com/economic-calendar#2021-01-18
Forex: GBP/JPY Technical Analysis – Trend Line Support in Focus

Forex: GBP/JPY Technical Analysis – Trend Line Support in Focus

2014-03-11 22:03:00
Ilya Spivak, Head Strategist, APAC

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

Talking Points:

  • GBP/JPY Technical Strategy: Flat
  • Support: 170.87 (trend line), 169.86 (38.2% Fib ret.)
  • Resistance: 171.27 (23.6% Fib ret.), 173.56 (Mar 7 high)

The British Pound is losing ground against the the Japanese Yen as expected after producing a Shooting Star candlestick. A break below support at 171.27, the 23.6% Fibonacci retracement, has exposing falling trend line resistance-turned-support at 170.87. A push below this barrier targets the 38.2% level at 169.86. Alternatively, a move back above 171.27 aims for the March 7 swing high at 173.56.

Prices are too close to relevant support to justify a short position from a risk/reward perspective. A viable reversal signal arguing in favor of a long trade is absent for the time being however. On balance, we will remain on the sidelines until a more actionable setup presents itself.

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 – Trend Line Support in Focus

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