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.

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
Bullish
Oil - US Crude
Mixed
Wall Street
Bearish
Gold
Mixed
GBP/USD
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
USD/JPY
Mixed
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
Real Time News
  • 🇫🇷 Inflation Rate YoY Prel (FEB) Actual: 0.4% Expected: 0.3% Previous: 0.6% https://www.dailyfx.com/economic-calendar#2021-02-26
  • Heads Up:🇨🇭 GDP Growth Rate YoY (Q4) due at 08:00 GMT (15min) Expected: -2.1% Previous: -1.6% https://www.dailyfx.com/economic-calendar#2021-02-26
  • Heads Up:🇭🇺 Unemployment Rate (JAN) due at 08:00 GMT (15min) Previous: 4.2% https://www.dailyfx.com/economic-calendar#2021-02-26
  • Heads Up:🇪🇺 European Council Meeting due at 08:00 GMT (15min) https://www.dailyfx.com/economic-calendar#2021-02-26
  • Euro Price Forecast: EUR/USD at Risk of Reversal with US PCE Data on Tap - https://www.dailyfx.com/forex/fundamental/daily_briefing/session_briefing/euro_open/2021/02/26/Euro-Price-Forecast-EURUSD-at-Risk-of-Reversal-with-US-PCE-Data-on-Tap.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Moss&utm_campaign=twr $EUR $EURUSD $USD https://t.co/yWVMPYbKuE
  • Heads Up:🇫🇷 Inflation Rate YoY Prel (FEB) due at 07:45 GMT (15min) Expected: 0.3% Previous: 0.6% https://www.dailyfx.com/economic-calendar#2021-02-26
  • Want to make trading decisions with confidence? Download you free guide to avoid hesitations in your trading decisions.https://t.co/00I3lH90OD #DailyFXGuides https://t.co/IbrlAH7b4T
  • ECB's Lane says if market optimism moves ahead of economy, the ECB has more ammo if there is another shock $EUR
  • (ASEAN Tech) US Dollar Breakouts Seek Follow-Through: USD/SGD, USD/PHP, USD/THB, USD/IDR #USD $USDSGD $USDPHP $USDTHB $USDIDR https://www.dailyfx.com/forex/technical/article/special_report/2021/02/26/US-Dollar-Breakouts-Seek-Follow-Through-USDSGD-USDPHP-USDTHB-USDIDR.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/6kqns9pciM
  • Heads Up:🇬🇧 Nationwide Housing Prices YoY (FEB) due at 07:00 GMT (15min) Previous: 6.4% https://www.dailyfx.com/economic-calendar#2021-02-26
GBP/JPY Technical Analysis: 5-Month Trend Line in Focus

GBP/JPY Technical Analysis: 5-Month Trend Line in Focus

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: 170.89-95, 170.24, 169.69-79
  • Resistance: 171.47, 171.89, 172.57

The British Pound moved lower against the Japanese Yen as expected after producing a bearish Evening Star candlestick pattern. A daily close below support in the 170.79-95 area, marked by a rising trend line set from mid-March and the 38.2% Fibonacci expansion, exposes the 50% level at 170.24. Alternatively, a turn above the 23.6% Fib at 171.47 opens the door for a test of the 14.6% expansion at 171.89.

Risk/reward considerations argue against entering short with prices sitting squarely at 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: 5-Month Trend Line in Focus

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