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.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
More View more
GBP/JPY Technical Analysis – Pound Soars to 6-Month High

GBP/JPY Technical Analysis – Pound Soars to 6-Month High

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: 173.43, 172.36-58, 171.28
  • Resistance: 174.10, 174.81, 175.17

The British Pound continued to push higher as expected against the Japanese Yen after showing a Bullish Engulfing candlestick pattern. Buyers are now testing resistance at 174.10, with a break above that on a daily closing basis exposing the 174.64-81 area marked by the 50% level and a rising channel top. Alternatively, a reversal back below the 23.6% Fib at 173.43 opens the door for a test of the channel bottom at 172.58.

Risk/reward considerations argue against entering long with prices sitting squarely at relevant resistance. On the other hand, while negative RSI divergence warns of ebbing bullish momentum, the absence of a defined bearish reversal signal hints entering short is premature. We will remain flat.

Add these technical levels directly to your charts with our Support/Resistance Wizard app!

GBP/JPY Technical Analysis – Pound Soars to 6-Month High

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.