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: Pound Poised to Extend Gains

GBP/JPY Technical Analysis: Pound Poised to Extend Gains

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: 178.28, 176.35, 175.01
  • Resistance: 179.31, 180.97, 182.31

The British Pound looks poised to continue pushing higher against the Japanese Yen after issuing the strongest daily close in six years. Near-term resistance is at 179.31, the 23.6% Fibonacci expansion, with a break above that on a daily closing basis exposing 180.69-97 area marked by the 38.2% level and the September 19 high. Alternatively, a reversal back below the 14.6% Fib at 178.28 opens the door for a test of the 176.35-63 region bracketed by the September 23 low and the 38.2% Fib retracement.

The available trading range between near-term support and resistance is too narrow to justify entering a long or short position at current levels from a risk/reward perspective. With that in mind, we will remain on the sidelines until a more attractive opportunity presents itself.

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

GBP/JPY Technical Analysis: Pound Poised to Extend Gains

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