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. See our updated Privacy Policy here.

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

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

Ilya Spivak, Head Strategist, APAC

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