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
EUR/USD
Bearish
Oil - US Crude
Mixed
Wall Street
Mixed
Gold
Bearish
GBP/USD
Mixed
USD/JPY
Bullish
More View more
Real Time News
  • The big #gold sell-off quickly has an important long-term trend test in play; scenarios to consider from both sides of the tape. Get your market update from @PaulRobinsonFX here: https://t.co/rvFMCvEYi2 https://t.co/MY3nHLXfIJ
  • 🇦🇺 Retail Sales MoM Prel (MAY) Actual: 0.1% Expected: 0.5% Previous: 1.1% https://www.dailyfx.com/economic-calendar#2021-06-21
  • Heads Up:🇦🇺 Retail Sales MoM Prel (MAY) due at 01:30 GMT (15min) Expected: 0.5% Previous: 1.1% https://www.dailyfx.com/economic-calendar#2021-06-21
  • Dow Jones, Nikkei 225, ASX 200 Outlook: Tapering Fears Hurt Sentiment https://www.dailyfx.com/forex/market_alert/2021/06/21/Dow-Jones-Nikkei-225-ASX-200-Outlook-Tapering-Fears-Hurt-Sentiment.html https://t.co/4ZpklI0CUn
  • Last week’s updated Federal Reserve dot plot, suggesting two US interest rate increases in 2023, could be a game-changer for $EURUSD. Strategically, a long-term trend lower may have now begun. Get your market update from @MartinSEssex here: https://t.co/xMvmnbkpt7 https://t.co/yRCuwj7cAI
  • It was a brutal week for the British Pound against the US Dollar and Japanese Yen, but it remains to be seen whether this can lead into fresh long-term trends. Get your market update from @JStanleyFX here: https://t.co/xMzWYNUzFx https://t.co/Bvsj7fHJJt
  • Ever wonder if there are other chart types that can be sued for technical analysis? HLOC charts are discussed in the following article as well as their pros and cons. Learn more here: https://t.co/qV3c7a4YR3 https://t.co/IIjo6UK5p8
  • All 9 Dow Jones sectors ended lower, with 100% of the index’s constituents closing in the red. Energy (-3.77%) financials (-2.98%) and materials (-2.46%) were among the worst performers. https://t.co/AbiZ65bwC9
  • Although the Fed hawkish bias has caused some reflationary position unwinding and anxiety about the outlook for commodities, the fundamental picture for oil has not changed and remains bullish. Get your market update from @DColmanFX here: https://t.co/N5X16b8ljP https://t.co/UA6CfjTLfc
  • A short-term ascending channel is under threat after Bitcoin’s first attempt to break through a stubborn resistance zone failed. Get your market update from @nickcawley1 here: https://t.co/RbnADE05iu https://t.co/HcrqaKg5F3
GBP/JPY Technical Analysis – Support Above 171.00 Tested

GBP/JPY Technical Analysis – Support Above 171.00 Tested

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: 171.03 (38.2% Fib exp.), 170.57 (50% Fib exp.)
  • Resistance: 171.60 (23.6% Fib exp.), 172.24 (trend line)

The British Pound reversed downward against the Japanese Yen, recoiling from trend line resistance originating in early March. A daily close below the 38.2% Fibonacci expansion at 171.03 targets the 50% level at 170.57. Alternatively, a reversal back above the 23.6% Fib at 171.60 opens the door for another test of the trend line, now at 172.24.

The available trading range is too narrow to justify a trade on the long or the short side from a risk/reward perspective. We will remain on the sidelines for now, waiting for a more attractive opportunity to present itself.

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

GBP/JPY Technical Analysis – Support Above 171.00 Tested

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