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
Wall Street
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
GBP/USD
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
  • The S&P 500, Dow Jones and DAX 30 could be at risk of falling as retail traders continue increasing their upside exposure in these indices. What are the key technical levels to watch for? Find out from @ddubrovskyFX here:https://t.co/OJByiwIppr https://t.co/moWS7rqAQG
  • RT @FxWestwater: New Zealand Dollar Outlook: $NZDUSD Drops on US Dollar Bids, Wall Street Losses Link: https://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/asia_am_briefing/2021/09/16/New-Zealand-Dollar-Outlook-NZDUSD-Drops-on-US-Dollar-Bids-Wall-Street-Losses.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Westwater&utm_campaign=twr https://t.c…
  • The US Dollar continues to hold its ground against most ASEAN currencies as recent downtrends lose momentum. What is the road ahead for USD/SGD, USD/THB, USD/PHP and USD/IDR? Find out from @ddubrovskyFX here:https://t.co/UcleaZEAaW https://t.co/dRD22S792t
  • 🇳🇿 Business NZ PMI (AUG) Actual: 40.1 Previous: 62.6 https://www.dailyfx.com/economic-calendar#2021-09-16
  • The Canadian Dollar has been caught in broad ranges against the Euro and the US Dollar, but can the upside bias in USD/CAD and EUR/CAD prolong? Find out here:https://t.co/8DubboXsjv https://t.co/SQAz8sCpmv
  • RT @BrendanFaganFx: Bitcoin Outlook: Crypto Adoption to Become Widespread in Wake of El Salvador, AMC? #Bitcoin #Ethereum $AMC $BTCUSD $ET…
  • Heads Up:🇳🇿 Business NZ PMI (AUG) due at 22:30 GMT (15min) Previous: 62.6 https://www.dailyfx.com/economic-calendar#2021-09-16
  • The 10-day range and realized volatility (ATR) on $USDMXN are the lowest since 2008 and 2014 respectively. Breakout risk is high - when the right spark comes along (eg FOMC) https://t.co/teP1XQI7W6
  • Bitcoin taking a breather today after rallying back above $47,000. 50-day MA crosses back above the 200-day MA $BTCUSD #Bitcoin https://t.co/5Yidx9WQhc
  • AUD/USD extends the decline following the larger-than-expected contraction in Australia employment as fresh data prints coming out of the US fuel speculation for an imminent shift in monetary policy. Get your $AUDUSD market update from @DavidJSong here:https://t.co/40vc0oCeiE https://t.co/vjrF47cALn
GBP/JPY Technical Analysis: ¥142.50 to Mark Retracement Completion

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

James Stanley, Senior Strategist

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