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
EUR/USD
Mixed
Oil - US Crude
Bullish
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
Wall Street
Mixed
Gold
Bearish
GBP/USD
Bearish
USD/JPY
Mixed
More View more
Breaking news

ECB leaves monetary policy unchanged

Real Time News
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.91%, while traders in EUR/USD are at opposite extremes with 70.86%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/FcASLFRNcz
  • #Gold Price Outlook: $XAUUSD Rally Entering 6th Week– $GLD Breakout Levels - https://t.co/kWu10QhVjX https://t.co/kfiimF2aYY
  • Fed's Bostic says 'the answer is no' on using negative interest rates - BBG
  • Fed's Bostic says risk of deflation not likely a problem if control of virus is established $DXY
  • Commodities Update: As of 16:00, these are your best and worst performers based on the London trading schedule: Gold: -0.37% Silver: -0.66% Oil - US Crude: -0.86% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/MHCawBh8bz
  • Fed's Bostic says keeping economy closed forever is not feasible - BBG
  • Hey traders! Get your Thursday US market opening session update from @DailyFX Chief Strategist @JohnKicklighter 👇 https://t.co/7qWjhyR91D
  • Forex Update: As of 16:00, these are your best and worst performers based on the London trading schedule: 🇬🇧GBP: 0.23% 🇪🇺EUR: 0.16% 🇨🇭CHF: 0.12% 🇳🇿NZD: -0.10% 🇯🇵JPY: -0.12% 🇨🇦CAD: -0.19% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/UutSyUTZ2r
  • So @PrivilegeUK, our car insurer, says go to @Autoglass to replace our broken windscreen. Autoglass says it doesn't have one for our car. Privilege says we can't go to our local garage that does have one unless we pay. Come on guys. Please sort this out
  • Indices Update: As of 16:00, these are your best and worst performers based on the London trading schedule: Germany 30: -0.01% France 40: -0.03% FTSE 100: -0.08% Wall Street: -0.47% US 500: -0.66% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/5gxVUowdSz
GBP/JPY Technical Analysis: Candle Hints at Bounce Ahead

GBP/JPY Technical Analysis: Candle Hints at Bounce Ahead

2015-01-15 00:02:00
Ilya Spivak, Head Strategist, APAC
Share:

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

Talking Points:

  • GBP/JPY Technical Strategy: Flat
  • Support: 178.44, 176.90, 175.65
  • Resistance: 179.38, 180.70, 181.65

The British Pound dipped to the lowest level since late October against the Japanese Yen but a Hammer candle warns a bounce may be ahead. A daily close above the 14.6%Fibonacci expansionat 179.38 exposes the 14.6% Fib retracement at 180.70. Alternatively, a move below the 23.6%expansionat 178.44clears the way for a challenge of the 38.2% level at 176.90.

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: Candle Hints at Bounce Ahead

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

News & Analysis at your fingertips.