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
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
Oil - US Crude
Mixed
Wall Street
Mixed
Gold
Bullish
GBP/USD
Bullish
USD/JPY
Bearish
More View more
Real Time News
  • Heads Up:🇬🇧 BoE Credit Conditions Survey due at 09:30 GMT (15min) https://www.dailyfx.com/economic-calendar#2021-01-21
  • 🇿🇦 Retail Sales YoY (NOV) Actual: -4% Expected: -2.5% Previous: -2.3% https://www.dailyfx.com/economic-calendar#2021-01-21
  • 🇵🇱 Employment Growth YoY (DEC) Actual: -1% Expected: -1.2% Previous: -1.2% https://www.dailyfx.com/economic-calendar#2021-01-21
  • Trading bias allows traders to make informative decisions when dealing in the market. This relates to both novice and experienced traders alike. Start learning how you may be able to make more informed decisions here: https://t.co/rz7fqhRoMG https://t.co/qA7wZiJfiX
  • 🇪🇸 Balance of Trade (NOV) Actual: €-0.59B Previous: €-0.65B https://www.dailyfx.com/economic-calendar#2021-01-21
  • 🇳🇴 Norges Bank Interest Rate Decision Actual: 0% Expected: 0% Previous: 0% https://www.dailyfx.com/economic-calendar#2021-01-21
  • 🇵🇱 Employment Growth YoY (DEC) Actual: -1.0% Expected: -1.2% Previous: -1.2% https://www.dailyfx.com/economic-calendar#2021-01-21
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 100.00%, while traders in Wall Street are at opposite extremes with 71.35%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/le9vtgEYLU
  • Heads Up:🇪🇸 Balance of Trade (NOV) due at 09:00 GMT (15min) Previous: €-0.65B https://www.dailyfx.com/economic-calendar#2021-01-21
  • Heads Up:🇵🇱 Employment Growth YoY (DEC) due at 09:00 GMT (15min) Expected: -1.2% Previous: -1.2% https://www.dailyfx.com/economic-calendar#2021-01-21
GBP/JPY Technical Analysis: Stalling at Trend Line Resistance

GBP/JPY Technical Analysis: Stalling at Trend Line Resistance

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: 181.79, 180.84, 178.76
  • Resistance: 183.37, 184.27, 186.34

The British Pound are testing pivotal resistance against the Japanese Yen as prices challenge the bounds of the down trend played out since early December. A daily close above trend line resistance at 183.37 exposes the 61.8% Fibonacci retracement at 184.27. Alternatively, a turn below resistance-turned-support at 181.79 opens the door for a test of the 23.6% level at 180.84.

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 short 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: Stalling at Trend Line Resistance

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