Never miss a story from Ilya Spivak

Subscribe to receive daily updates on publications
Please enter valid First Name
Please fill out this field.
Please enter valid Last Name
Please fill out this field.
Please enter valid email
Please fill out this field.
Please select a country

I’d like to receive information from DailyFX and IG about trading opportunities and their products and services via email.

Please fill out this field.

Your Forecast Is Headed to Your Inbox

But don't just read our analysis - put it to the rest. Your forecast comes with a free demo account from our provider, IG, so you can try out trading with zero risk.

Your demo is preloaded with £10,000 virtual funds, which you can use to trade over 10,000 live global markets.

We'll email you login details shortly.

Learn More about Your Demo

You are subscribed to Ilya Spivak

You can manage your subscriptions by following the link in the footer of each email you will receive

An error occurred submitting your form.
Please try again later.

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

Talking Points:

  • GBP/JPY Technical Strategy: Flat
  • Support: 177.26, 175.77, 174.87
  • Resistance: 178.74, 179.94, 181.14

The British Pound rose for a fourth consecutive day against the Japanese Yen, with prices now eyeing resistance above the 178.00 figure. Near-term resistance is at 178.74, the 38.2% Fibonacci retracement, with a break above that on a daily closing basis exposing the 50% level at 179.94. Alternatively, a turn below the 23.6% Fib at 177.26 clears the way for a challenge of the 175.77-176.35 area (triple bottom, 14.6% retracement).

We see the overall GBPJPY trend as favoring the downside after last week’s break of the 12-month uptrend set from February 2014 lows. With that in mind, we will opt against entering long and treat on-coming gains as corrective, looking for the move to offer a selling opportunity once upside momentum is exhausted.

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

GBP/JPY Technical Analysis: Aiming Above 178.00 Figure

Daily Chart - Created Using FXCM Marketscope

--- Written by Ilya Spivak, Currency Strategist for