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.

Free Trading Guides
EUR/USD
Mixed
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
GBP/USD
Bearish
USD/JPY
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
Gold
Bearish
Oil - US Crude
Bearish
Bitcoin
Mixed
More View more
GBP/JPY Technical Analysis: Spike Above 180 Fails to Hold

GBP/JPY Technical Analysis: Spike Above 180 Fails to Hold

2014-09-22 22:53:00
Ilya Spivak, Sr. Currency Strategist
Share:

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

Talking Points:

  • GBP/JPY Technical Strategy: Flat
  • Support: 177.03, 176.25, 175.62
  • Resistance: 178.28, 179.53, 180.31

The British Pound spiked higher to test above the 180.00 figure against the Japanese Yen but the move failed to have staying power. A daily close above the 100% Fibonacci expansionat 178.28 exposes the 123.6% level at 179.53. Alternatively, a turn below the 76.4% Fib at 177.03 clears the way for a challenge of the 61.8% expansion at 176.25.

Risk/reward considerations argue against entering longas prices hover just at resistance. On the other hand, the absence of a defined bearish reversal signal suggests taking up the short side is premature. We will remain flat for now, waiting for a more actionable opportunity to present itself.

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

GBP/JPY Technical Analysis: Spike Above 180 Fails to Hold

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.