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
EUR/USD
Bullish
Oil - US Crude
Bullish
Wall Street
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
Gold
Bearish
GBP/USD
Mixed
USD/JPY
Mixed
More View more
Real Time News
  • 🇮🇹 Business Confidence (JUN) Actual: 114.8 Expected: 112 Previous: 110.9 https://www.dailyfx.com/economic-calendar#2021-06-25
  • 🇮🇹 Consumer Confidence (JUN) Actual: 115.1 Expected: 112 Previous: 110.6 https://www.dailyfx.com/economic-calendar#2021-06-25
  • Hang Seng Tech Index Attempts to Break key Resistance - #HSTECH chart https://t.co/zyCoXqgoVz
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 89.84%, while traders in GBP/JPY are at opposite extremes with 68.93%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/jaai5GlT9Q
  • Heads Up:🇮🇹 Business Confidence (JUN) due at 08:00 GMT (15min) Expected: 112 Previous: 110.2 https://www.dailyfx.com/economic-calendar#2021-06-25
  • Heads Up:🇮🇹 Consumer Confidence (JUN) due at 08:00 GMT (15min) Expected: 112 Previous: 110.6 https://www.dailyfx.com/economic-calendar#2021-06-25
  • Heads Up:🇪🇺 European Council Meeting due at 08:00 GMT (15min) https://www.dailyfx.com/economic-calendar#2021-06-25
  • - Will implement macroprudential measures to fight with inflation if needed
  • Turkish Finance Minister - Turkey to grow more than government forecast in 2021, expecting around 20% growth in Q2 - Central Bank stance on price stability is important
  • MACD who? The Moving Average Convergence Divergence (MACD) is a technical indicator which simply measures the relationship of exponential moving averages (EMA). Find out how you can incorporate MACD into your trading strategy here: https://t.co/ZNs4Qi8ieG https://t.co/txBC7G5EcY
GBP/JPY Technical Analysis: Triple Bottom Support Holds

GBP/JPY Technical Analysis: Triple Bottom Support Holds

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: 175.77, 175.01, 174.00
  • Resistance: 177.26, 178.03, 179.28

The British Pound spiked to the lowest level in five months against the Japanese Yen but sellers failed to secure lasting momentum. Near-term support is in the 175.77-176.01 area (triple bottom, 38.2% Fibonacci expansion), with a break below that on a daily closing basis exposing the 50% level at 175.01. Alternatively, a turn above the 23.6% Fib at 177.26 clears the way for a challenge of the 14.6% expansion at 178.03.

Positioning is inconclusive at this point, with prices offering no clear-cut and actionable signal to initiate a long or short trade. We will continue to remain on the sidelines for the time being, waiting for a compelling opportunity to present itself.

Add these technical levels directly to your charts with our Support/Resistance Wizard app!

GBP/JPY Technical Analysis: Triple Bottom Support Holds

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