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

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

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: 178.39, 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.com

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

DISCLOSURES