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.

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
EUR/USD
Bearish
Oil - US Crude
Mixed
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
Wall Street
Mixed
Gold
Bullish
GBP/USD
Mixed
USD/JPY
Bearish
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
More View more
Real Time News
  • RT @KyleR_IG: European indices and EUR/USD taking a spill on reports that the French Government is set to announce a new 1-month and countr…
  • $Silver looking vulnerable as it fails to clamber back above the 50-DMA (24.51) Break below $24 would probably validate the Bear Flag continuation pattern and could see price push back towards the psychologically imposing $20 mark $SLV $SLVR https://t.co/SJ7i4yN1W1 https://t.co/CjHod2aN8O
  • $EURUSD plunging lower on news that French President Emmanuel Macron is expected to announce a 1-month nation-wide lockdown https://t.co/Jj3BUxZeyw https://t.co/WCAbxg6TDZ
  • The New Zealand Dollar may continue to outperform the haven-associated US Dollar as price breaks above key long-term resistance. Get your $NZDUSD market update from @DanielGMoss here:https://t.co/D1DxtDkJXd https://t.co/jJ1SKMjVKU
  • Market snapshot: #USD pointing higher vs G10 counterparts, particularly oil-linked NOK. Equity futures falling
  • Full article on their report today can be found here - https://www.dailyfx.com/forex/market_alert/2020/10/27/Nasdaq-100-Outlook-Steadied-as-Microsoft-Beats-Earnings-Expectations.html
  • RT @RiskReversal: .@GuyAdami & @RiskReversal are back with The Macro SetUp by @IG_US We discuss recent & expected volatility into & out of…
  • The $SPX carved out its second smallest daily trading range in two months this past session. I don't think that reassures anyone that the way ahead is going to be quiet... https://t.co/XSjmcj1lSx
  • AUD/USD price action attempts to advance but struggles to maintain a bid more broadly. Get your $AUDUSD market update from @RichDvorakFX here: https://t.co/6zZz0cP2os https://t.co/WU5Hc2Jos2
  • 🇰🇷 Consumer Confidence (OCT) Actual: 91.6 Previous: 79.4 https://www.dailyfx.com/economic-calendar#2020-10-27
GBP/JPY Technical Analysis: Short Position Now in Play

GBP/JPY Technical Analysis: Short Position Now in Play

2015-06-30 00:55:00
Ilya Spivak, Head Strategist, APAC
Share:

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

Talking Points:

  • GBP/JPY Technical Strategy: Short at 192.83
  • Support: 190.91, 187.85, 185.37
  • Resistance: 192.80, 194.33, 195.87

The British Pound turned lower against the Japanese Yen as expected, breaking support guiding the uptrend since mid-April. Near-term support is at 190.91, the 23.6% Fibonacci retracement, with a break below that on a daily closing basis exposing the 38.2% level at 187.85. Alternatively, a turn back above the 14.6% Fib at 192.80 opens the door for a challenge of 194.33 (range floor support-turned-resistance, trend line).

The break below trend line support points to continued weakness ahead and we will now enter short, initially targeting 190.91. A stop-loss will be activated on a daily close above 194.33. We will take profit on half of the position and move the stop to the breakeven level (192.83) once the first objective is met.

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

GBP/JPY Technical Analysis: Short Position Now in Play

--- 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