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
Oil - US Crude
Mixed
Wall Street
Mixed
Gold
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
GBP/USD
Bullish
USD/JPY
Bullish
More View more
Real Time News
  • Forex Update: As of 02:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.05% 🇨🇭CHF: -0.08% 🇨🇦CAD: -0.10% 🇪🇺EUR: -0.16% 🇳🇿NZD: -0.17% 🇦🇺AUD: -0.20% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/1fVY4dfYMN
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.52%, while traders in US 500 are at opposite extremes with 76.00%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/HZ4bR3qFl2
  • Hey there traders, if you missed this week's session on IGCS where I discussed the #SP500, #FTSE100 and #CAC40, check out the recording on YouTube here - https://t.co/CJhhtY5WDJ
  • RBNZ Governor Orr: Is 'early days' for business lending schemes, expects schemes to be used more in coming months. Some payments from schemes put into bank deposits -BBG
  • Heads Up:🇨🇳 Industrial Profits (YTD) YoY due at 01:30 GMT (15min) Previous: -36.7% https://www.dailyfx.com/economic-calendar#2020-05-27
  • The US Dollar seems to have technical setups versus #ASEAN currencies such as the Singapore Dollar, Malaysian Ringgit, Indonesian Rupiah, and Philippine Peso that could go either way. Get your ASEAN currencies market update from @ddubrovskyFX here: https://t.co/qOofxVUI8t https://t.co/F6p8jediYz
  • The US Dollar could rise against #ASEAN currencies such as the Singapore Dollar as US-China tensions seem to escalate. The Indian Rupee is also looking ahead of local 1Q GDP data.Get your market update from @ddubrovskyFX here:https://t.co/LkEFJViPWY https://t.co/fc07BMitLx
  • Wall Street Futures Update S&P 500: -0.33% Dow Jones: -0.34% NASDAQ 100: -0.32% (delayed) - BBG
  • (Asia AM) The Japanese #Yen and US Dollar sank as the Australian Dollar rose despite escalating US-China tensions over Hong Kong. $USDJPY may be readying to turn lower after clearing support - https://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/asia_am_briefing/2020/05/26/Yen-Sank-Despite-US-China-Hong-Kong-Tensions-USDJPY-May-Fall.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/GxJ7D7W5Ov
  • RBNZ's Orr: Sees 'more room to go' on home loan interest rates -BBG
GBP/JPY Technical Analysis – Pound Rises to 2-Week High

GBP/JPY Technical Analysis – Pound Rises to 2-Week High

2014-04-17 21:33:00
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: 171.53 (38.2% Fib exp.), 170.75 (23.6% Fib exp.)
  • Resistance:172.17 (50% Fib exp.),172.80 (61.8% Fib exp., Triangle top),

The British Pound advanced to a two-week high against the Japanese Yen after putting in a bullish Piercing Line candlestick pattern. The pair has moved to challenge resistance at 172.17, the 50%Fibonacci expansion. A break above this barrier exposes 173.59, the intersection of a Triangle chart pattern top and the 61.8% level. Alternatively, a move below the 38.2% Fib at 171.53 aims for the 23.6% expansion at 170.75.

Prices are trading too close to relevant resistance to make a long trade attractive from a risk/reward perspective. We will continue to stand aside for now, waiting for an actionable opportunity 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, GBP/JPY Technical Analysis – Pound Rises to 2-Week High

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.