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.

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
EUR/USD
Bearish
Oil - US Crude
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
Wall Street
Bearish
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
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
Mixed
USD/JPY
Bearish
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
More View more
Real Time News
  • 🇺🇸 MBA Mortgage Applications (23/OCT) Actual: 1.7% Previous: -0.6% https://www.dailyfx.com/economic-calendar#2020-10-28
  • 🇺🇸 MBA Mortgage Applications (23/OCT) Actual: 1.7 Previous: -0.6% https://www.dailyfx.com/economic-calendar#2020-10-28
  • $AUDUSD getting absolutely hammered at the moment, down over 0.5% since the London session opened Next key support level seems to come in at the 0.7070 mark with a break below carving a path for price to retest the monthly low (0.7020) $AUD #technicalanalysis https://t.co/9ynzvhSNK2
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.51%, while traders in NZD/USD are at opposite extremes with 74.45%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/PpTagTe3eM
  • Heads Up:🇺🇸 MBA Mortgage Applications (23/OCT) due at 11:00 GMT (15min) Previous: -0.6% https://www.dailyfx.com/economic-calendar#2020-10-28
  • Commodities Update: As of 10:00, these are your best and worst performers based on the London trading schedule: Gold: -0.56% Silver: -0.70% Oil - US Crude: -3.89% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/Y9FMU0wUMo
  • There is a great debate about which type of analysis is better for a trader. Is it better to be a fundamental trader or a technical trader? Find out here:https://t.co/7kPzAoNoLG https://t.co/UvqOCYfxgX
  • Forex Update: As of 10:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.20% 🇦🇺AUD: -0.34% 🇨🇭CHF: -0.35% 🇨🇦CAD: -0.42% 🇬🇧GBP: -0.50% 🇳🇿NZD: -0.55% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/ZcpUZzcGyf
  • Sea of red in the equity space - Germany, France and Italy shed 3%+ @DailyFXTeam Prices via @IGcom https://t.co/v2VR9m7X3a
  • Indices Update: As of 10:00, these are your best and worst performers based on the London trading schedule: US 500: -1.32% Wall Street: -1.62% FTSE 100: -1.62% France 40: -2.84% Germany 30: -2.96% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/SA9Hgq3CSf
GBP/JPY Technical Analysis: Consolidating Near 178.00 Mark

GBP/JPY Technical Analysis: Consolidating Near 178.00 Mark

2014-09-24 19:38:00
Ilya Spivak, Head Strategist, APAC
Share:

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

Talking Points:

  • GBP/JPY Technical Strategy: Flat
  • Support: 177.34, 176.35, 175.01
  • Resistance: 179.31, 180.97, 182.31

The British Pound continues to oscillate in a consolidation range loosely centered at the 178.00 figure to the Japanese Yen. A daily close above the 23.6% Fibonacci expansion at 179.31 exposes the 180.69-97 area marked by the 38.2% level and the September 19 high. Alternatively, a push below rising trend lien support at 177.34 clears the way for a challenge of the 176.35-63 region bracketed by the September 23 low and the 38.2% Fib retracement.

Risk/reward considerations argue against entering shortas prices hover just above support. On the other hand, the absence of a defined bullish reversal signal suggests taking up the long 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: Consolidating Near 178.00 Mark

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