Skip to Content
News & Analysis at your fingertips.
Free Trading Guides
Please try again

Live Webinar Events


Economic Calendar Events


Notify me about

Live Webinar Events
Economic Calendar Events






More View More
GBP/JPY Technical Analysis: Pound Breakout Finally at Hand?

GBP/JPY Technical Analysis: Pound Breakout Finally at Hand?

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

Talking Points:

  • GBP/JPY Technical Strategy: Flat
  • Support: 178.39, 177.28, 175.77
  • Resistance: 180.18, 181.64, 183.09

The British Pound may have finally secured a breakout against the Japanese Yen after prices punctured the top of a long-standing Triangle chart pattern. Near-term resistance is at 180.18, the 38.2% Fibonacci retracement, with a break above that on a daily closing basis exposing the 50% level at 181.64. Alternatively, a push below the 23.6% Fib at 178.39 opens the door for a test of the 14.6% retracement at 177.28.

Risk/reward considerations argue against entering long with prices in close proximity to resistance. On the other hand, the absence of a defined bearish 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!

Daily Chart - Created Using FXCM Marketscope

--- Written by Ilya Spivak, Currency Strategist for

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.