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
Bullish
Oil - US Crude
Bullish
Wall Street
Bearish
Gold
Bullish
GBP/USD
Mixed
USD/JPY
Bearish
More View more
Real Time News
  • $EURGBP at risk of extended losses after breaking to the downside of a 12-month Symmetrical Triangle pattern and slashing through the support range at 0.8865 - 0.8875 A push towards 0.8670 - 0.8690 looks on the cards if sellers hurdle psychological support at 0.8800 $EUR $GBP https://t.co/zS9CyhUqMf
  • *Slight move higher in USDCAD
  • $EURCAD fell to its lowest level since the weekend following Canada December CPI print and ahead of the BoC's policy decision. $EUR $CAD https://t.co/wSzoYavl55
  • Slight move higher in $CAD following lower than expected CPI figures - Average of common, trim and median now 1.6% from 1.7% BoC next up where there have been some suggestion of a micro-cut. Although, analysts are widely expecting policy to remain unchanged
  • 🇨🇦 Core Inflation Rate YoY (DEC) Actual: 1.5% Previous: 1.5% https://www.dailyfx.com/economic-calendar#2021-01-20
  • 🇨🇦 Inflation Rate MoM (DEC) Actual: -0.2% Expected: 0% Previous: 0.1% https://www.dailyfx.com/economic-calendar#2021-01-20
  • 🇨🇦 Inflation Rate YoY (DEC) Actual: 0.7% Expected: 1% Previous: 1% https://www.dailyfx.com/economic-calendar#2021-01-20
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 100.00%, while traders in EUR/JPY are at opposite extremes with 69.70%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/AXmUqJ4OYi
  • Defensive stocks have proven critically important when navigating stock market volatility. Find out what are the most defensive stocks here:https://t.co/TMcbMALtbw https://t.co/5c0aVsI3fK
  • The US Dollar is strengthening again today, with the $DXY above 90.50, after falling to a weekly low around 90.275 early this morning. $USD https://t.co/gseQbAE3hY
GBP/JPY Technical Analysis: Trying to Expose December Low

GBP/JPY Technical Analysis: Trying to Expose December Low

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: 184.58, 181.41, 178.85
  • Resistance: 186.53, 187.53, 189.70

The British Pound slumped to a three-week low against the Japanese Yen, with prices trying to clear a path to December’s swing bottom. A daily close below the 23.6%Fibonacci retracement at 184.58 exposes the 38.2% level at 181.41. Alternatively a reversal above the 14.6% retracement at 186.53clears the way for a challenge of the December 22 high at 187.53.

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: Trying to Expose December Low

Daily Chart - Created Using FXCM Marketscope

--- 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