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.

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: Resistance Sub-179.00 in Focus

GBP/JPY Technical Analysis: Resistance Sub-179.00 in Focus

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

Talking Points:

  • GBP/JPY Technical Strategy: Flat
  • Support: 178.11, 176.31, 174.86
  • Resistance: 178.71, 180.11, 181.23

The British Pound is attempting to launch a recovery against the Japanese Yen after putting in a bullish Morning Star candlestick pattern, as expected. A daily close above the 23.6% Fibonacci expansion at 178.71 exposes the 38.2% level at 180.11. Alternatively, a turn below resistance-turned-support at 178.11 opens the door for a test of a triple bottom 176.31.

Prices are too close to resistance to justify entering long from a risk/reward perspective. On the other hand, the absence of a defined bearish reversal signal suggests that taking up the short 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!

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.