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
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
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
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
Gold
Mixed
GBP/USD
Mixed
USD/JPY
Mixed
More View more
Real Time News
  • UK PM Johnson says there are some new evidence that the new COVID variant may be linked to higher mortality $GBP
  • Get your Friday market update from @DailyFX Chief Strategist @JohnKicklighter 👇 https://t.co/bbnkIHROmI
  • Indices Update: As of 17:00, these are your best and worst performers based on the London trading schedule: Germany 30: 0.33% France 40: 0.31% FTSE 100: 0.27% US 500: -0.15% Wall Street: -0.32% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/dUuCgtComn
  • #Bitcoin is currently trading around $32,600, heading higher today after briefly dipping below the $30,000 level early this morning. $BTC https://t.co/bmrf8cffca
  • The US Dollar has been whipsawing today amidst risk-off sentiment in the US equity markets, with the $DXY trading between 90.08 and 90.30. $USD https://t.co/HPeIFlT5Px
  • Markets are on the defensive to close the week amid renewed COVID concerns. Get your #equities market update from @JMcQueenFX here:https://t.co/btGOrdNmIs https://t.co/RfQRkwDCVE
  • 🇺🇸 EIA Cushing Crude Oil Stocks Change (15/JAN) Actual: -4.727M Previous: -1.975M https://www.dailyfx.com/economic-calendar#2021-01-22
  • 🇺🇸 EIA Distillate Stocks Change (15/JAN) Actual: 0.458M Expected: 1.214M Previous: 4.786M https://www.dailyfx.com/economic-calendar#2021-01-22
  • Forex Update: As of 15:00, these are your best and worst performers based on the London trading schedule: 🇪🇺EUR: 0.04% 🇨🇭CHF: -0.03% 🇯🇵JPY: -0.31% 🇨🇦CAD: -0.61% 🇳🇿NZD: -0.64% 🇦🇺AUD: -0.67% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/aXaVmNuUiR
  • Indices Update: As of 15:00, these are your best and worst performers based on the London trading schedule: Germany 30: -0.41% FTSE 100: -0.48% US 500: -0.48% Wall Street: -0.78% France 40: -0.95% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/ZthZd81b1n
Forex: GBP/JPY Technical Analysis – Waiting for Direction Cues

Forex: GBP/JPY Technical Analysis – Waiting for Direction Cues

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 is in consolidation mode having fallen as expected against the Japanese Yen, with prices treading water above the 50% Fibonacci expansion at 168.08. A break below this boundary on daily closing basis initially 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.

Risk/reward considerations argue against entering short with prices so close to support. On the other hand, taking up the long side looks premature absent a defined reversal signal. We will continue to stand aside until a more actionable setup emerges.

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 – Waiting for Direction Cues

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