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
Bullish
GBP/USD
Mixed
USD/JPY
Bearish
Gold
Bullish
Oil - US Crude
Mixed
Bitcoin
Bearish
More View more
Real Time News
  • I'm keeping this visual marker of the US-China December 15 deadline for the former increasing the tariff list on the latter if no deal is struck. $USDCNH https://t.co/ryK4BeXyCI
  • My fears of that impending December 15th tariff escalation are not soothed... https://t.co/3RLJx3mWDz
  • President Trump says US is doing well in trade talks with China $SPX #Tradewar
  • Indices Update: As of 19:00, these are your best and worst performers based on the London trading schedule: Germany 30: -0.05% France 40: -0.07% US 500: -0.13% Wall Street: -0.20% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/GFResmiSGX
  • RT @CNBCnow: CORRECTION: White House & Democrats near tentative deal on USMCA, sources say; a deal has not yet been reached. https://t.co/…
  • RT @EdwardLawrence: Watch FOX Business at the top of next hour for the latest on USMCA as well as looking at Dec 15th deadline for China. A…
  • RT @CNBCnow: BREAKING: White House & Democrats reach tentative deal on USMCA trade deal; House could vote on it on Dec. 18 - sources (via @…
  • $GBPUSD and $EURUSD look to have constructive Elliott wave patterns https://www.dailyfx.com/forex/video/live_events/2019/12/09/gbpusd-eurusd-bullish-elliott-wave-patterns-JWweb-127.html https://t.co/OqumwFBDJe
  • While Sterling is expected to appreciate further if PM Johnson get his currently predicted majority, the likelihood is that the rally will be muted after the recent strong performance of the $GBP. Get your market update from @nickcawley1 here:https://t.co/m5ERBq4R6S https://t.co/lGviXc7dDT
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.95%, while traders in US 500 are at opposite extremes with 77.08%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/zBAeVA9GKV
GBP/JPY Technical Analysis: 2-Month Support Under Fire

GBP/JPY Technical Analysis: 2-Month Support Under Fire

2014-07-13 23:45:00
Ilya Spivak, Sr. Currency Strategist
Share:

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

Talking Points:

  • GBP/JPY Technical Strategy: Flat
  • Support: 173.50, 173.13, 172.44
  • Resistance: 173.98, 174.50, 175.35

The British Pound declined as expected against Japanese Yen after prices put in a bearish Evening Star candlestick pattern. Sellers have moved to challenge rising trend line set from late May (173.50), with a break below that on a daily closing basis exposing the 38.2% Fibonacci retracement at 173.13. Alternatively, a move back above the 23.6% Fib at 173.98 clears the way for a test of the 14.6% retracement at 174.50.

Risk/reward considerations argue against entering short with prices trading in close proximity to support. On the other hand, the absence of a defined bullish reversal signal suggests taking up the long side is premature. We will remain flat for now.

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

GBP/JPY Technical Analysis: 2-Month Support Under Fire

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.