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
Subscribe
Please try again
EUR/USD
Mixed
Oil - US Crude
Mixed
Wall Street
Mixed
Gold
Bearish
GBP/USD
Bearish
USD/JPY
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
More View more
Real Time News
  • Indices Update: As of 15:00, these are your best and worst performers based on the London trading schedule: FTSE 100: 0.26% Wall Street: 0.01% France 40: -0.07% Germany 30: -0.26% US 500: -0.67% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/dj1X9rDbF7
  • 🇺🇸 EIA Cushing Crude Oil Stocks Change (26/FEB) Actual: 0.485M Previous: 2.807M https://www.dailyfx.com/economic-calendar#2021-03-03
  • US President Biden agrees to phase out direct checks at a faster rate - sources
  • ECB VP de Guindos: Inflation in 2021 will be "clearly" above last ECB forecast. #ECB $EUR
  • Commodities Update: As of 15:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 1.77% Gold: -1.64% Silver: -2.54% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/eT5HvOpJH1
  • Heads Up:🇺🇸 EIA Cushing Crude Oil Stocks Change (26/FEB) due at 15:30 GMT (15min) Previous: 2.807M https://www.dailyfx.com/economic-calendar#2021-03-03
  • OPEC+ JMMC meeting ends without recommendations on oil output. #OOTT #OPEC $OIL
  • 🇺🇸 ISM Non-Manufacturing PMI (FEB) Actual: 55.3 Expected: 58.7 Previous: 58.7 https://www.dailyfx.com/economic-calendar#2021-03-03
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 92.99%, while traders in Germany 30 are at opposite extremes with 72.34%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/lh4WxFECzU
  • 🇵🇱 Interest Rate Decision (MAR) Actual: 0.1% Expected: 0.1% Previous: 0.1% https://www.dailyfx.com/economic-calendar#2021-03-03
GBP/JPY Technical Analysis: Pound Drops for Third Day

GBP/JPY Technical Analysis: Pound Drops for Third Day

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: 171.32, 170.41, 169.33
  • Resistance: 172.18, 173.24, 173.89

The British Pound continues to push lower against the Japanese Yen, with prices dropping to set a new monthly low. A daily close below the 50% Fibonacci expansion at 172.18 exposes the 170.41-46 area marked by the August 15 low and the 61.8% level. Alternatively, a reversal above the 38.2% Fibat 172.18 opens the door for a test of the 23.6% expansionat 173.24.

Prices are wedged too closely between near-term support and resistance levels to justify a trade on the long or short side from a risk/reward perspective. We will remain on the sidelines, waiting for a more compelling opportunity to emerge.

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

GBP/JPY Technical Analysis: Pound Drops for Third Day

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