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.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
More View More
GBP/JPY Technical Analysis: Still Stuck in a Rut

GBP/JPY Technical Analysis: Still Stuck in a Rut

Oliver Morrison, Analyst

Talking Points:

- GBP/JPY short-term and intermediate directions continue to point lower.

- GBP/JPY continues to display some element of congestion; but once resolved, GBP/JPY looks ready to stage a ‘big move’.

- If you’re looking for trading ideas, check out our Trading Guides. And if you’re looking for ideas that are more short-term in nature, please check out our Speculative Sentiment Index (SSI) Indicator.

GBP/JPY has been trending lower for almost two years and recently dropped below the 200 day moving average. At the start of April it was looking to move above 140.00, but it failed to hold and dropped below the 50-day moving average.

For the moment, support is holding at the Jan 17 low of 137.07 and the Jan 16 low at 136.47 but if that breaks there’s little support before the Oct/Nov lows around 126.

Adding to the weak technical picture, the price is now below the 50-, 100- and 200-day moving averages, which provide resistance between 138.70 and 141.

All in all, the picture remains similar to our last article, which highlighted that GBP/JPY remains congested, with neither bulls nor bears able to take the initiative and stage a big move.

Chart 1: GBP/JPY Daily Timeframe (October 2016 to April 2017)

Chart by IG

--- Written by Oliver Morrison, Analyst

To contact Oliver, email him at

Don't trade FX but want to learn more? Read the DailyFX Trading Guides

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