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
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
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
Gold
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
GBP/USD
Mixed
USD/JPY
Mixed
More View more
Forex: GBP/JPY Technical Analysis – Sellers Overcome 170.00 Figure

Forex: GBP/JPY Technical Analysis – Sellers Overcome 170.00 Figure

2014-03-13 22:24:00
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: 168.71 (50% Fib ret.), 167.85 (trend line)
  • Resistance: 169.86 (38.2% Fib ret.), 171.27 (23.6% Fib ret.)

The British Pound is falling as expected against Japanese Yen, with prices dropping below the 170.00 figure to challenge the 50% Fibonacci retracement at 168.71. A break below this barrier aims for a rising trend line set from August 2013, now at 167.85, followed by the 61.8% level at 167.57. Alternatively, a reversal back above the 38.2% Fib at 169.86 exposes the 23.6% retracement at 171.27.

Prices are too close to relevant support to justify a short position from a risk/reward perspective. On the other hand, a viable reversal signal arguing in favor of a long trade is absent for the time being.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 – Sellers Overcome 170.00 Figure

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.