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.

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
More View more
Forex: GBP/JPY Technical Analysis – Stalling at Trend Line Support

Forex: GBP/JPY Technical Analysis – Stalling at Trend Line Support

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: 168.08-47 (50% Fib exp., trend line), 166.79 (61.8% Fib exp.)
  • Resistance: 169.37 (38.2% Fib exp.), 170.97 (23.6% Fib exp.)

The British Pound is stalling at rising trend line support set from August 2013 (168.47) after falling as expected against the Japanese Yen. The downside barrier is bolstered by the 50% Fibonacci expansion at 168.08. A break below this boundary exposes the 61.8% level at 166.79. Alternatively, a turn above resistance at 169.37 – the 38.2% Fib – targets the 23.6% expansion at 170.97.

Prices are too close to relevant near-term up- and downside technical barriers to make a trade at current levels attractive from a risk/reward perspective. We will continue to stand aside for now, waiting for a more attractive setup to present 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 – Stalling at Trend Line Support

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