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
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
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
GBP/USD
Bullish
USD/JPY
Mixed
More View more
Real Time News
  • 🇰🇷 Business Confidence (NOV) Actual: 85 Previous: 79 https://www.dailyfx.com/economic-calendar#2020-11-24
  • Indices Update: As of 21:00, these are your best and worst performers based on the London trading schedule: FTSE 100: 0.42% France 40: 0.34% Germany 30: 0.22% Wall Street: 0.01% US 500: 0.01% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/mUEoCcd11x
  • USD/MXN rates have broken through critical support in recent days, continuing the pair’s descent since the US elections in early-November. Get your $USDMXN market update from @CVecchioFX here:https://t.co/SC7HTzULrF https://t.co/icXuUkaA0f
  • Heads Up:🇰🇷 Business Confidence (NOV) due at 21:00 GMT (15min) Previous: 79 https://www.dailyfx.com/economic-calendar#2020-11-24
  • Canadian Dollar Price Outlook: USD/CAD Drops to Key 1.30-Level as Crude Oil Surges -via @DailyFX Link to Analysis: https://www.dailyfx.com/forex/market_alert/2020/11/24/usd-cad-price-outlook-canadian-dollar-climbs-with-crude-oil.html $USDCAD $CAD $CL_F #FX #Forex #OOTT https://t.co/MHRzYq6QfH
  • RT @RiskReversal: Join @GuyAdami & @RiskReversal for The Macro SetUp sponsored @IG_US. This week we discuss the FOMO gripping equity invest…
  • Commodities Update: As of 19:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: -0.20% Silver: -1.57% Gold: -1.77% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/ZzDjahQjms
  • I was very fortunate to have the opportunity to sit down and talk with @GuyAdami and @RiskReversal earlier this morning, where we discussed a number of hot topics in the market Give it a watch - https://t.co/hRFEpt1W26
  • EUR/GBP rates have struggled to gain traction one way or the other in recent weeks, producing choppy trading conditions. But a bearish breakout may be gathering pace. Get your $EURGBP market update from @CVecchioFX here:https://t.co/IK2CtpwwUi https://t.co/bxOmULuH8P
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 94.16%, while traders in NZD/USD are at opposite extremes with 72.74%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/CpBbonbT6n
GBP/JPY Technical Analysis: ¥142.50 to Mark Retracement Completion

GBP/JPY Technical Analysis: ¥142.50 to Mark Retracement Completion

2017-01-19 16:10:00
James Stanley, Strategist
Share:

To receive James Stanley’s Analysis directly via email, please sign up here.

Talking Points:

  • GBP/JPY Technical Strategy: Intermediate-term (past 3 months: bullish. Near-term attempting to align with longer-term trend.
  • After a gap-lower to start the week, GBP/JPY has found footing to stage a bullish move of more than 500 pips off the lows.
  • If you’re looking for trading ideas, check out our Trading Guides.

In our last article, we looked at the retracement of the prior bullish move in GBP/JPY as the pair attempted to dig-out ‘higher-low’ support in the effort of longer-term trend continuation. And after a gap-lower to start the week, GBP/JPY finally found some element of support at the 50% Fibonacci retracement of the most post-Flash Crash move on Monday, leading to a burst of strength that’s lifted the pair by more than 500 pips off of the lows.

GBP/JPY Technical Analysis: ¥142.50 to Mark Retracement Completion

Chart prepared by James Stanley

Given the veracity of this near-term bullish price action, traders are likely already looking at the prospect of robust trend resumption. But scanning the longer-term chart indicates that we’re not quite ‘out of the woods’ on the retracement-front just yet, as we haven’t been able to break above the 50% marker of this most recent move-lower to denote that the longer-term up-trend is ready for resumption. Also of note is the fact that the zone around 142.50 is a psychological level that had offered multiple forms of support when the up-trend was running strong.

For traders that aren’t yet long and are looking to trade the up-trend in GBP/JPY, awaiting a top-side break and establishment of support above this level could open the door for bullish trend continuation.

GBP/JPY Technical Analysis: ¥142.50 to Mark Retracement Completion

Chart prepared by James Stanley

--- Written by James Stanley, Analyst for DailyFX.com

To receive James Stanley’s analysis directly via email, please SIGN UP HERE

Contact and follow James on Twitter: @JStanleyFX

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

DISCLOSURES