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
Bearish
GBP/USD
Mixed
USD/JPY
Bearish
Gold
Bearish
Oil - US Crude
Bullish
Bitcoin
Mixed
More View more
Real Time News
  • 🇨🇦 CAD New Housing Price Index (YoY) (SEP), Actual: -0.1% Expected: -0.2% Previous: -0.3% https://www.dailyfx.com/economic-calendar#2019-11-14
  • 🇺🇸 USD Continuing Claims (NOV 2), Actual: 1683k Expected: 1685k Previous: 1693k https://www.dailyfx.com/economic-calendar#2019-11-14
  • 🇺🇸 USD Continuing Claims (NOV 2), Actual: 1.68M Expected: 1685k Previous: 1689k https://www.dailyfx.com/economic-calendar#2019-11-14
  • 🇺🇸 USD Initial Jobless Claims (NOV 9), Actual: 225k Expected: 215k Previous: 211k https://www.dailyfx.com/economic-calendar#2019-11-14
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.56%, while traders in France 40 are at opposite extremes with 82.88%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/OHWoe77V9F
  • $USDMXN ripping higher ahead of the Banxico rate decision due later today at 19:00 GMT. Stay tuned for a full analysis on the Mexican Peso and Banco de Mexico https://t.co/6R89PZRWbK
  • Geopolitical developments send #oil prices soaring or falling. Get your market update from @MartinSEssex here:https://t.co/XVXLyG8vjq #OOTT https://t.co/R9YOxdPwXc
  • Forex Update: As of 13:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.16% 🇨🇭CHF: 0.14% 🇬🇧GBP: -0.08% 🇨🇦CAD: -0.12% 🇳🇿NZD: -0.41% 🇦🇺AUD: -0.80% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/C0qfNx1Ewq
  • Heads Up:🇺🇸 USD Continuing Claims (NOV 2) due at 13:30 GMT (15min), Actual: N/A Expected: 1685k Previous: 1689k https://www.dailyfx.com/economic-calendar#2019-11-14
  • Heads Up:🇺🇸 USD Initial Jobless Claims (NOV 9) due at 13:30 GMT (15min), Actual: N/A Expected: 215k Previous: 211k https://www.dailyfx.com/economic-calendar#2019-11-14
GBP/JPY Technical Analysis – Small Short Position Triggered

GBP/JPY Technical Analysis – Small Short Position Triggered

2014-05-12 21:51:00
Ilya Spivak, Sr. Currency Strategist
Share:

To receive Ilya's analysis directly via email, please SIGN UP HERE

Talking Points:

  • GBP/JPY Technical Strategy: Short at 172.26
  • Support: 171.27 (23.6% Fib ret.), 169.86 (38.2% Fib ret.)
  • Resistance:172.45 (trend line), 172.82

The British Pound is at risk of continued weakness against the Japanese Yen after prices dropped below rising trend line support set from early February. Prices bounced from the 23.6% Fibonacci retracement at 171.27 to re-test the trend line (now at 172.45), with a break above that exposing a horizontal barrier dating back to early March at 172.82. Alternatively, a move through support targets the 38.2% level at 169.86.

The bounce has shifted risk/reward parameters such that a short position is now acceptable. We will now attempt a small short position, aiming for 171.27 as an initial objective. A stop-loss will be activated on a daily close above 172.82. We will take profit on half of the trade at the first target and trail the stop-loss to the breakeven level.

Confirm your chart-based trade setups with the Technical Analyzer. New to FX? Start Here!

GBP/JPY Technical Analysis – Small Short Position Triggered

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.