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
EUR/USD
Bearish
Oil - US Crude
Mixed
Wall Street
Mixed
Gold
Mixed
GBP/USD
Mixed
USD/JPY
Mixed
More View more
Real Time News
  • Canadian Dollar Forecast: USD/CAD Surge Pulls Back - Loonie Levels https://www.dailyfx.com/forex/fundamental/daily_briefing/session_briefing/daily_fundamentals/2021/06/21/Canadian-Dollar-Forecast-USDCAD-USD-CAD-Surge-Pulls-Back-Loonie-Levels.html https://t.co/pUUcxN90SS
  • Indices Update: As of 16:00, these are your best and worst performers based on the London trading schedule: Wall Street: 1.54% US 500: 1.27% FTSE 100: 0.15% Germany 30: 0.12% France 40: 0.10% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/KEdjrQMxKp
  • Worth keeping in mind that up to 45% of polysilicon used in solar panels comes from Xinjiang
  • According to Politico the US is considering imposing a ban on polysilicon from Xinjiang
  • USD/JPY gives back the advance following the Federal Reserve interest rate decision as the 10-Year US Treasury yield slips to a fresh monthly low. Get your $USDJPY market update from @DavidJSong here:https://t.co/KnAbpYcdTM https://t.co/kKTJbNEyLZ
  • Heads Up:🇷🇺 Unemployment Rate (MAY) due at 16:00 GMT (15min) Expected: 5.2% Previous: 5.2% https://www.dailyfx.com/economic-calendar#2021-06-21
  • ECB's Lagarde says the ECB still has room to cut rates if needed $EUR
  • ECB's Lagarde says the ECN still has room to cut rates if needed $EUR
  • Rand resumes week in the green. USD/ZAR testing long-term resistance. Get your market update from @WVenketas here:https://t.co/oyHol85sPF https://t.co/ZoTc4bWd4c
  • AUD/JPY IG Client Sentiment: Our data shows traders are now net-long AUD/JPY for the first time since Mar 26, 2021 when AUD/JPY traded near 83.81. A contrarian view of crowd sentiment points to AUD/JPY weakness. https://www.dailyfx.com/sentiment https://t.co/FxH5sekPJl
GBP/JPY Technical Analysis: Relentless Yen Selling Continues

GBP/JPY Technical Analysis: Relentless Yen Selling Continues

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: 176.43, 175.07, 173.72
  • Resistance: 178.11, 180.82, 183.53

The British Pound continues to push higher against the Japanese Yen, with prices touching the highest level in six years. Near-term resistance is at 178.11, the 76.4% Fibonacci expansion, with a break above that on a daily closing basis exposing the 100% level at 180.82. Alternatively, a reversal below the 61.8% Fib at 176.43 opens the door for a test of the 175.07-35 area marked by the 50% expansion and the July 3 high.

Prices are too close to 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: Relentless Yen Selling Continues

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