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.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
More View more
GBP/JPY Technical Analysis: Pound Sold vs. Japanese Yen

GBP/JPY Technical Analysis: Pound Sold vs. Japanese Yen

Ilya Spivak, Head Strategist, APAC

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

Talking Points:

  • GBP/JPY Technical Strategy: Short at 172.16
  • Support: 170.69, 169.33, 167.99
  • Resistance: 172.85, 174.34, 175.84

The British Pound declined as expected against the Japanese Yen, extending a Harami candlestick pattern to complete a bearish Evening Star setup. Near-term support is in the 170.69-171.13 area (August 8 low, 14.6% Fibonacci expansion), with a break below that on a daily closing basis exposing the 23.6% level at 169.99. Alternatively, a break above the October 20 high at 172.99clears the way for a challenge of a horizontal pivot in play since late July at 173.83.

We will now enter short, initially targeting 171.13. A stop-loss will be activated on a daily close above 172.99. We will take profit on half of the position and move the stop-loss to breakeven once the first objective is reached.

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

GBP/JPY Technical Analysis: Pound Sold vs. Japanese Yen

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.