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
Bearish
Wall Street
Mixed
Gold
Bullish
GBP/USD
Mixed
USD/JPY
Bullish
More View more
Real Time News
  • RT @FxWestwater: Australian Dollar Forecast: $AUDUSD Uptrend in Focus as #RBA Holds Policy Steady Link: https://www.dailyfx.com/forex/market_alert/2021/03/02/Australian-Dollar-Forecast-AUDUSD-Uptrend-in-Focus-as-RBA-Holds-Policy-Steady.html?ref-author=Westwater https://t.…
  • Overall quiet reaction from $AUDUSD to the #RBA rate decision Most notable update likely has to do with them letting the markets know that they could do more adjustments to bond purchases given rising yields But that may have already been priced in... https://t.co/rol1p1WcAw
  • RBA: Bond purchases brought forward this week to assist market -BBG #RBA
  • RBA: Lending conditions remain sound, important to remain so. Committed to 3-year target, will continue buys as needed -BBG
  • RBA: Board will not raise rates until CPI at target range, global bond yield swings have made other assets volatile. Prepared to make further adjustments to bond buys -BBG #RBA
  • RBA: $AUD remains un upper end of range of recent years, economic recovery well underway and stronger than expected. Committed to maintain highly supportive monetary conditions -BBG #RBA
  • RBA: Wage and price pressures expected to remain subdued, does not expect conditions met to raise rates until 2024. Economy still has considerable spare capacity -BBG #RBA $AUDUSD
  • RBA leaves 3-year yield target unchanged at 0.1% -BBG
  • 🇦🇺 RBA Interest Rate Decision Actual: 0.1% Expected: 0.1% Previous: 0.1% https://www.dailyfx.com/economic-calendar#2021-03-02
  • The bull flag pattern is a great pattern to add to a forex trader's technical arsenal. Explosive moves are often associated with the bull flag. Learn more about the bull flag pattern here: https://t.co/yOEvLjKnct https://t.co/AnwvjoT15Y
GBP/JPY Technical Analysis: Range Floor Support Holds Up

GBP/JPY Technical Analysis: Range Floor Support Holds Up

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: 179.38, 178.44, 176.90
  • Resistance: 180.70, 181.65, 183.18

The British Pound continues to digest losses near the 179.00 figure after sinking to a two-month low against the Japanese Yen. A daily close below the 14.6%Fibonacci expansion at 179.38 exposes the 23.6% level at 178.44. Alternatively a reversal above the 14.6% Fib retracement at 180.70clears the way for a challenge of the 23.6% threshold at 181.65.

An actionable trade setup is absent at this point, arguing against committing to a directional bias on long or short side. We will continue to stand aside for now, waiting for a clear-cut trading opportunity to present itself in the days ahead.

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

GBP/JPY Technical Analysis: Range Floor Support Holds Up

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