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
  • Fed commentary will be plentiful today $USD $TNX $ES_F #FOMC https://t.co/pVbDhWFEj5
  • 🇨🇦 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
GBP/JPY Technical Analysis – Profit Booked on Half of Short

GBP/JPY Technical Analysis – Profit Booked on Half of Short

2014-05-14 20:43:00
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: 169.86 (38.2% Fib ret.), 168.71 (50% Fib ret.)
  • Resistance:171.27 (23.6% Fib ret.), 172.55 (trend line)

The British Pound declined as expected against the Japanese Yen after breaking below rising trend line support set from early February. A break below support at 171.27, the 23.6% Fibonacci retracement, has exposed the 38.2% level at 169.86, with a further push beyond that eyeing the 50% Fib at 168.71. Alternatively, reversing back above 171.27 clears the way for a retest of the trend line, now at 172.55.

We entered short GBPJPY at 172.26. We have now booked profit on half of the position at 171.27 and trailed the stop-loss on the remainder of the position to the breakeven level (172.26). We will let the trade develop from here, expecting the down move to continue.

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

GBP/JPY Technical Analysis – Profit Booked on Half of Short

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.