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
EUR/USD
Mixed
Oil - US Crude
Bullish
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
Wall Street
Mixed
Gold
Mixed
GBP/USD
Mixed
USD/JPY
Mixed
More View more
Real Time News
  • $USD $DXY | US Dollar getting a boost over the last hour and attempting to claw back downside notched earlier this week with market sentiment starting to sour. https://t.co/tZGJ4vu9Ij
  • Forex Update: As of 14:00, these are your best and worst performers based on the London trading schedule: 🇬🇧GBP: 0.02% 🇯🇵JPY: 0.00% 🇨🇭CHF: -0.14% 🇪🇺EUR: -0.27% 🇦🇺AUD: -0.31% 🇨🇦CAD: -0.35% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/8V1MBXTus6
  • This will be my last week hosting this webinar for the time being and we'll finish it up with a look at $NZDUSD https://t.co/ssGJfuaxFg
  • Indices Update: As of 14:00, these are your best and worst performers based on the London trading schedule: Germany 30: 0.55% France 40: -0.49% US 500: -0.87% FTSE 100: -1.18% Wall Street: -1.34% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/WkTdltLy6Y
  • Heads Up:🇲🇽 Monetary Policy Meeting Minutes due at 15:00 GMT (15min) https://www.dailyfx.com/economic-calendar#2020-07-09
  • Harley Davidson will reportedly eliminate about 700 positions globally, impacting approximately 500 current employees $HOG Harley is yet another addition to the growing list of #covid related layoffs
  • Florida virus cases increase 4% vs prior 5% 7-day average - BBG
  • The Euro #Stoxx 50 has failed to sustain a break above the 200DMA, signalling signs that upside in the index may be stalling in the short-term. Get your markt update from @JMcQueenFX here: https://t.co/tPsbDcOYqN https://t.co/kT6iLncXjq
  • Secretary Mnuchin says PPP program would be more targeted if extended - BBG
  • Commodities Update: As of 14:00, these are your best and worst performers based on the London trading schedule: Silver: 1.39% Gold: 0.17% Oil - US Crude: -2.06% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/iRyAVGGNBC
GBP/JPY Technical Analysis: Pound Retakes 171.00 Figure

GBP/JPY Technical Analysis: Pound Retakes 171.00 Figure

2014-08-18 22:56:00
Ilya Spivak, Head Strategist, APAC
Share:

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

Talking Points:

  • GBP/JPY Technical Strategy: Flat
  • Support: 170.81, 170.26, 169.71-79
  • Resistance: 171.58, 172.30, 172.88

The British Pound moved lower against the Japanese Yen as expected after producing a bearish Evening Star candlestick pattern. Near-term resistance is at 171.58, the 23.6% Fibonacci retracement, with a break below that on a daily closing basis exposing the 38.2% level at 172.30. Alternatively, a reversal below the 38.2% Fib expansion at 170.81 clears the way for a challenge of the 50% threshold at 170.26.

Prices are too close resistance to justify entering long from a risk/reward perspective. On the other hand, the absence of a defined bearish reversal signal suggests taking up the short side is premature. With that in mind we will remain flat for now.

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

GBP/JPY Technical Analysis: Pound Retakes 171.00 Figure

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.