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. See our updated Privacy Policy here.



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

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
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
More View more
Forex: GBP/JPY Technical Analysis – Edging Closer to 170.00 Figure

Forex: GBP/JPY Technical Analysis – Edging Closer to 170.00 Figure

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: 170.30 (trend line), 169.86 (38.2% Fib ret.)
  • Resistance: 171.27 (23.6% Fib ret.), 173.56 (Mar 7 high)

The British Pound continues to sink as expected against Japanese Yen after carving out a top below the 174.00 figure. Prices are testing falling trend line resistance-turned-support at 170.30, with a break below that exposing the 38.2%Fibonacci retracement at 169.86. Alternatively, a reversal above the 23.6% level at 171.27 targets the March 7 swing high at 173.56.

Risk/reward considerations continue to argue against taking a short position with prices trading in close proximity to relevant support. On the other hand, a long position taken on the assumption that support will hold seems premature without a defined 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 – Edging Closer to 170.00 Figure

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for

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