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
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
Mixed
Gold
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
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
Mixed
More View more
Real Time News
  • EUR Eurozone Final March Manufacturing PMI Actual: 44.5 Preliminary: 44.8
  • #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/15Kz57FDIh
  • EUR Germany Final Manufacturing PMI Actual: 45.4 Prelim: 45.7
  • EUR France Final March Manufacturing PMI Actual: 43.2 Prelim: 42.9
  • EUR Italy March Manufacturing PMI Actual: 40.3 Forecast: 41.0 Previous: 48.7
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 95.68%, while traders in US 500 are at opposite extremes with 69.30%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/HdeJ9Ui7uS
  • 🇨🇭 CHF PMI Manufacturing (MAR), Actual: 43.7 Expected: 42.2 Previous: 49.5 https://www.dailyfx.com/economic-calendar#2020-04-01
  • Commodities Update: As of 07:00, these are your best and worst performers based on the London trading schedule: Gold: 1.13% Silver: 0.27% Oil - US Crude: -0.82% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/s2nDZlZiUv
  • FTSE 350 Banks hammered lower again after dividend cuts... chart via @IGcom https://t.co/nRUaW6cu4L
  • GBP/JPY IG Client Sentiment: Our data shows traders are now net-short GBP/JPY for the first time since Mar 17, 2020 when GBP/JPY traded near 130.12. A contrarian view of crowd sentiment points to GBP/JPY strength. https://www.dailyfx.com/sentiment https://t.co/NbcnA9uEAQ
Forex: GBP/JPY Technical Analysis – Ready to Reverse Higher?

Forex: GBP/JPY Technical Analysis – Ready to Reverse Higher?

2014-03-17 21:37:00
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: 168.10 (trend line)
  • Resistance: 170.21 (23.6% Fib exp.), 171.63 (38.2% Fib exp.)

The British Pound fell as expected against the Japanese Yen but prices may be readying to launch a recovery from support at a rising trend line set from April 2013. The pair is on pace to complete a bullish Piercing Line candlestick pattern, a setup hinting at forthcoming reversal. Near-term resistance is at 170.21, the 23.6% Fibonacci expansion, with a break above that targeting the 38.2% level at 171.63. Trend line support is now at 168.10.

Risk/reward considerations argue against entering long at this point with prices trading too close to relevant resistance. 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 – Ready to Reverse Higher?

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.