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
Bearish
Oil - US Crude
Mixed
Wall Street
Bearish
Gold
Bearish
GBP/USD
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
USD/JPY
Bullish
More View more
Real Time News
  • A currency carry trade involves borrowing a low-yielding currency in order to buy a higher yielding currency in an attempt to profit from the interest rate differential. Find out if the carry trade suits your trading style here: https://t.co/7t4BzmLg8w https://t.co/k2YkjBeSdW
  • RT @FxWestwater: Australian Dollar, APAC Markets Focus on Bond Yields to Start March Link: https://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/asia_am_briefing/2021/03/01/Australian-Dollar-APAC-Markets-Focus-on-Bond-Yields-to-Start-March.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Westwater&utm_campaign=twr $AUDUSD https://t.co/py…
  • 🇦🇺 Investment Lending for Homes (JAN) Actual: 9.4% Previous: 8.2% https://www.dailyfx.com/economic-calendar#2021-03-01
  • 🇦🇺 Home Loans MoM (JAN) Actual: 10.9% Previous: 8.7% https://www.dailyfx.com/economic-calendar#2021-03-01
  • Wall Street IG Client Sentiment: Our data shows traders are now net-long Wall Street for the first time since Feb 01, 2021 when Wall Street traded near 30,246.40. A contrarian view of crowd sentiment points to Wall Street weakness. https://www.dailyfx.com/sentiment https://t.co/Qv5JIJxF2M
  • Aussie 10-year yield extends drop to 32 basis points after RBA buy notice - BBG $AUD
  • RBA to buy A$4 billion of longer-dated bonds, double usual size - BBG $AUD
  • Heads Up:🇦🇺 Investment Lending for Homes (JAN) due at 00:30 GMT (15min) Previous: 8.2% https://www.dailyfx.com/economic-calendar#2021-03-01
  • Heads Up:🇦🇺 Home Loans MoM (JAN) due at 00:30 GMT (15min) Previous: 8.7% https://www.dailyfx.com/economic-calendar#2021-03-01
  • 🇰🇷 Balance of Trade (FEB) Actual: $2.71B Previous: $3.76B https://www.dailyfx.com/economic-calendar#2021-03-01
GBP/JPY Technical Analysis: A Top May Be Set Sub-185.00

GBP/JPY Technical Analysis: A Top May Be Set Sub-185.00

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: 180.72, 178.28, 176.32
  • Resistance: 184.91, 187.30, 189.22

The British Pound may be preparing to turn lower against the Japanese Yen following the appearance of a bearish Dark Cloud Cover candlestick pattern. Negative RSI divergence bolsters the case for a downside scenario. A daily close below the 180.72-181.06 area marked by the November 10 low and the 23.6% Fibonacci exposes the 38.2% level at 178.28. Alternatively, a turn above the 23.6% Fib expansion at 184.91 opens the door for a test of the 38.2% threshold at 187.30.

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: A Top May Be Set Sub-185.00

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