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: 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