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
Oil - US Crude
Bearish
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
GBP/USD
Bullish
USD/JPY
Mixed
More View more
Real Time News
  • Mircosoft Earnings 2Q Revenues: $43.08 B, EST. $40.20 B EPS: $2.03 act. vs $1.64 est. $MSFT 246.46 +7.19%
  • So among those joining the fight against the short sellers, is there a hierarchy of virtue such as those buying shares seen as true believers versus those buying up OTM calls as more moral support?
  • Bitcoin Breakdown: Has Everyone Went to Gamestop? https://www.dailyfx.com/forex/technical/article/fx_technical_weekly/2021/01/26/Bitcoin-Breakdown-BTC-BTCUSD-Has-Everyone-Went-to-Gamestop.html #Bitcoin https://t.co/KUbaLi5h1u
  • 🇰🇷 Consumer Confidence (JAN) Actual: 95.4 Expected: 93.6 Previous: 89.8 https://www.dailyfx.com/economic-calendar#2021-01-26
  • Indices Update: As of 21:00, these are your best and worst performers based on the London trading schedule: France 40: 0.07% Germany 30: 0.02% Wall Street: -0.00% US 500: -0.01% FTSE 100: -0.10% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/MHMa0C4aQ5
  • Sterling stronger, approaching a new post-Brexit high against the Dollar $GBP $USD https://t.co/K9WfgwmPHo
  • Heads Up:🇰🇷 Consumer Confidence (JAN) due at 21:00 GMT (15min) Expected: 93.6 Previous: 89.8 https://www.dailyfx.com/economic-calendar#2021-01-26
  • US Dollar weaker as investors embrace risk-on sentiment ahead of mega-cap tech earnings $USD $DXY $NDX https://t.co/Ajt6zqNUW5
  • US Dollar weaker as investors embrace risk-off sentiment ahead of big tech earnings $USD $DXY https://t.co/An4Aks98Xp
  • Although US Treasury yields have risen in recent weeks, 4Q’20 growth expectations have slid. A double dip recession may or may not be avoided in 1Q’21, depending upon the timing of US fiscal stimulus. Get your market update from @CVecchioFX here:https://t.co/8x1RGMdgI2 https://t.co/mdHE4QpRqe
Forex: GBP/JPY Technical Analysis – Support Below 171.00 Held

Forex: GBP/JPY Technical Analysis – Support Below 171.00 Held

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:170.97 (23.6% Fib exp.), 169.37 (38.2% Fib exp.)
  • Resistance: 173.13-56 (Mar 7 high, Apr 3 high)

The British Pound reversed downward against the Japanese Yen having once again encountered resistance below the 174.00 figure. The pair is testing support at 170.97, the 23.6% Fibonacci expansion, with a breach of this barrier on a daily closing basis exposing the 38.2% level at 169.37. Initial resistance is in the 173.13-56 area, marked by the March 7 and April 3 swing highs.

Prices are too close to relevant support to justify a short position from a risk/reward perspective. On the other hand, the absence of a defined bullish reversal signal argues against taking up the long side. We will remain flat 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 – Support Below 171.00 Held

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