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
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
GBP/USD
Mixed
USD/JPY
Bearish
More View more
Real Time News
  • While #DXY is not my preferred go-to for a USD index, there seems to be a slight resemblance with an inverse H&S pattern going on here It is quite small, but still, there may be enough bullish implications here to get beyond the 50-day SMA for the first time since early November https://t.co/gpxhT8T8kp
  • US Indices at the Close: DOW JONES: 30,805.19, -0.60% NASDAQ: 13,000.01, -0.86%, S&P 500: 3,766.80, -0.76% $SPX $NDX $DJI
  • Fitch Ratings affirms UK at AA-, outlook negative - BBG $GBPUSD
  • Indices Update: As of 21:00, these are your best and worst performers based on the London trading schedule: Wall Street: 0.00% US 500: -0.01% FTSE 100: -0.08% Germany 30: -0.10% France 40: -0.12% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/gIL15xBjYZ
  • Bitcoin selling off today, now down almost 10% $BTC $USD #Bitcoin https://t.co/iej9CG6FH2
  • US Dollar stronger as stocks wobble, look set to end the week lower $USD $DXY https://t.co/0Fm6rMwkyY
  • Commodities Update: As of 19:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: -0.17% Gold: -0.92% Silver: -2.92% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/zvqbRrFFkz
  • What are some factors driving AUD? Get your free forecast for this quarter here:https://t.co/z85CIVYiuK #DailyFXGuides https://t.co/ChXMKNRZJq
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 98.77%, while traders in NZD/USD are at opposite extremes with 67.96%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/vhr8Gb1Bq6
  • Indices Update: As of 19:00, these are your best and worst performers based on the London trading schedule: France 40: 0.18% FTSE 100: 0.18% Germany 30: 0.12% Wall Street: -0.33% US 500: -0.46% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/7DGlE6dS0T
Forex: GBP/JPY Technical Analysis – Sideways Trade Continues

Forex: GBP/JPY Technical Analysis – Sideways Trade Continues

2014-03-24 21:23:00
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: 168.08 (50% Fib exp.), 166.79 (61.8% Fib exp.)
  • Resistance: 169.37 (38.2% Fib exp.), 170.97 (23.6% Fib exp.)

The British Pound continues to tread water having fallen as expected against the Japanese Yen, with prices oscillating above the 50% Fibonacci expansion at 168.08. A break downward on daily closing basis initially aims for the 61.8% level at 166.79. Alternatively, a turn above resistance at 169.37 – the 38.2% Fib – exposes 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 – Sideways Trade Continues

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