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: Rally Continues for Third Day

GBP/JPY Technical Analysis: Rally Continues for Third Day

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

Talking Points:

  • GBP/JPY Technical Strategy: Flat
  • Support: 181.14, 179.94, 178.74
  • Resistance: 182.62, 185.01, 186.38

The British Pound pushed higher for a third consecutive day against the Japanese Yen, with prices on pace to clear a path toward the February swing top. Near-term resistance is at 182.62, the 76.4% Fibonacci retracement, with a break above that on a daily closing basis exposing the February 26 high at 185.01. Alternatively, a turn below the 61.8% Fib at 181.14 clears the way for a challenge of the 50% retracement at 179.94.

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 an actionable opportunity to present itself.

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