Skip to content
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.

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
More View more
GBP/JPY Technical Analysis: Pound Sinks to 11-Week Low

GBP/JPY Technical Analysis: Pound Sinks to 11-Week 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: 175.65, 174.41, 172.87
  • Resistance: 176.90, 178.44, 179.38

The British Pound resumed its descent against the Japanese Yen, with sellers now eyeing support below the 176.00 figure. Near-term support is at 175.65, the 50%Fibonacci expansion, with a break below that on a daily closing basis exposing the 61.8% level at 174.41. Alternatively a turn above the 38.2% expansion at 176.90opens the door for a test of the 23.6% Fib retracement at 178.44.

Prices are too close to support to justify entering short from a risk/reward perspective. On the other hand, the absence of a defined bullish reversal signal suggests that taking up the long side is premature. With that in mind, we will remain flat for now.

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

GBP/JPY Technical Analysis: Pound Sinks to 11-Week 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