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.

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
More View more
GBP/JPY Technical Analysis: Buyers Target July Swing High

GBP/JPY Technical Analysis: Buyers Target July Swing 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: 173.72, 172.04, 170.41
  • Resistance: 175.35, 176.43, 178.11

The British Pound pushed higher for a third consecutive day against the Japanese Yen, closing at the strongest level in two months. A daily close above the 175.07-35 area marked by the 50% Fibonacci expansion and the July 3 high exposes the 61.8% level at 176.43. Alternatively, a turn below the 38.2% Fib at 173.72 clears the way for a challenge of the 23.6% expansion at 172.04.

While entering long is tempting from a technical perspective, next week’s looming Scottish Independence referendum injects an uncomfortable degree of event risk for a long Pound position. With that in mind, we will remain flat for the time being.

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

GBP/JPY Technical Analysis: Buyers Target July Swing High

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