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: Sellers Breach 174.00 Figure

GBP/JPY Technical Analysis: Sellers Breach 174.00 Figure

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: 173.37, 172.01, 170.41
  • Resistance: 175.35, 176.35, 177.39

The British Pound slumped below the 174.00 figure against the Japanese Yen, hitting a three-week low. A daily close below the 61.8% Fibonacci retracement at 173.67 exposes the 76.4% level at 172.01. Alternatively, a reversal above the 175.01-35 area marked by the July 3 high and the 50% Fib clears the way for a challenge of the 38.2% expansion at 176.35.

Risk/reward considerations argue against entering short with prices in close proximity to 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: Sellers Breach 174.00 Figure

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