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: Testing Key Support Above 172

GBP/JPY Technical Analysis: Testing Key Support Above 172

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: 172.39-64, 171.79, 170.64
  • Resistance: 173.33, 174.01, 174.87

The British Pound pulled back after rebounding as expected against the Japanese Yen, testing the upswing’s guiding trend line. A daily close belowthe 172.39-64 area marked by a horizontal support shelf, a rising trend line and the 50% Fibonacci expansion exposes the 23.6% level at 171.79. Alternatively, a reversal above the 50% Fib at 173.33 clears the way for a challenge of the 61.8% expansion at 174.01.

Prices are too close to support to justify entering short from a risk/reward perspective. On the other hand, the absence of a defined bullish reversal signal suggests taking up the long 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: Testing Key Support Above 172

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.