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
Subscribe
Please try again
Select

Live Webinar Events

0

Economic Calendar Events

0

Notify me about

Live Webinar Events
Economic Calendar Events

H

High

M

Medium

L

Low
More View More
GBP/JPY Technical Analysis: Digesting Losses Near 176.00

GBP/JPY Technical Analysis: Digesting Losses Near 176.00

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

Talking Points:

  • GBP/JPY Technical Strategy: Flat
  • Support: 175.77, 175.01, 174.00
  • Resistance: 177.26, 178.03, 179.28

The British Pound is digesting losses against the Japanese Yen after producing the largest daily drop in a month. A daily close below the 175.77-176.01 area (triple bottom, 38.2% Fibonacci expansion) exposes the 50% level at 175.01. Alternatively, a reversal above the 23.6% Fib at 177.26 opens the door for a test of the 14.6% expansion at 178.03.

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

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

DISCLOSURES