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
Mixed
Gold
Bullish
GBP/USD
Bearish
USD/JPY
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
More View more
Real Time News
  • BoE's Ramsden: - Contingency planning is very different from thinking negative rates will be used - We want to be in a position that if things don't improve like our forecasts say, the tool of negative rates can be feasibly used if necessary #BoE $GBP
  • Heads Up:🇺🇸 Fed Brainard Speech due at 14:05 GMT (15min) https://www.dailyfx.com/economic-calendar#2021-03-01
  • Heads Up:🇺🇸 Fed Williams Speech due at 14:00 GMT (15min) https://www.dailyfx.com/economic-calendar#2021-03-01
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 91.84%, while traders in France 40 are at opposite extremes with 67.81%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/xGzM0SUjeR
  • LIVE NOW: Join Technical Strategist @MBForex for his Weekly Strategy Webinar to review the setups we're tracking into start of the week / month! https://t.co/chKtG7waxH
  • wrote up the $Gold forecast for this week, a major level already in-play ~1725. #NFP the big item on the calendar, but lots of space on the chart until Friday https://www.dailyfx.com/forex/fundamental/forecast/weekly/chf/2021/02/27/Gold-Price-Forecast-XAU-Tanks-Hard-as-Yields-Inflation-Fears-Climb.html https://t.co/xrlEzFbspb
  • Forex Update: As of 13:00, these are your best and worst performers based on the London trading schedule: 🇨🇦CAD: 0.58% 🇦🇺AUD: 0.46% 🇳🇿NZD: 0.22% 🇪🇺EUR: -0.16% 🇯🇵JPY: -0.16% 🇨🇭CHF: -0.59% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/0epJpm4UcD
  • Weekly Strategy Webinar starting in 15mins on DailyFX! https://t.co/lxd5fZnn4H
  • The US Dollar has begun the week strongly, The $DXY has risen back above the 91.00 level to trade around its February highs. $USD https://t.co/RxZTJZpbSL
  • It’s important for traders to be familiar with FX spreads as they are the primary cost of trading currencies. Understand a pair's spread here: https://t.co/zEEUHZBx7g https://t.co/kJiIvjD1Bw
GBP/JPY Technical Analysis: Passing on Long Trade Setup

GBP/JPY Technical Analysis: Passing on Long Trade Setup

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: 178.61, 177.53, 175.67
  • Resistance: 180.36, 181.78, 183.20

The British Pound edged higher against the Japanese Yen as expected after prices completed a Bullish Engulfing candlestick pattern. A daily close above the 38.2%Fibonacci retracement at 180.36 exposes the 50% level at 181.78. Alternatively, a reversal below the 23.6% retracement at 178.61clears the way for a challenge of the 14.6% Fib expansion at 177.53.

While entering long seems compelling from a purely technical perspective, we will tactically opt to stand aside. Yen crosses are intimately correlated with S&P 500, pointing to deep sensitivity risk appetite trends. That means prices are highly vulnerable to potentially dramatic sentiment swings triggered by the upcoming FOMC policy announcement that derails technical positioning. With that in mind, we will stand aside.

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

GBP/JPY Technical Analysis: Passing on Long Trade Setup

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