GBP/JPY Technical Analysis – Broken Trend Support Retested

| 16 april, 2014 | 0 kommentarer

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

Talking Points:

  • GBP/JPY Technical Strategy: Flat
  • Support: 169.86 (38.2% Fib ret.), 168.71 (50% Fib ret.)
  • Resistance:170.63 (trend line), 171.27 (23.6% Fib ret.)

The British Pound may be in the process of starting a significant downward reversal against the Japanese Yen after prices broke a rising trend line set from August 2013. The pair found interim support at 169.86, 38.2% Fibonacci retracement, and moved to retest the trend line (now at 170.63). A break back above this threshold targets the 23.6% retracement at 171.27. Alternatively, a push through support aims for the 50% level at 168.71.

An available trading range of 74 pips is too narrow to attempt a trade given a 20-day ATR reading at 110 pips assuming a stop-loss activated on a daily closing basis (as is the case with our strategy). We will continue to stand aside for now.

Confirm your chart-based trade setups with the Technical Analyzer. New to FX? Start Here!

dailyclassics_gbp-jpy_body_Picture_11.png, GBP/JPY Technical Analysis  Broken Trend Support Retested

Daily Chart – Created Using FXCM Marketscope 2.0

— Written by Ilya Spivak, Currency Strategist for

Taggar: ,

Kategori: Analys från DailyFX

Om skribenten ()

DailyFX från FXCM ger dig dagligen färska tekniska analyser på valuta och råvaror. FXCM är en ledande handelsplattform för trading av finansiella tillgångar med kraftfulla verktyg för alla sorters handel.

Lämna ett svar

Din e-postadress kommer inte publiceras. Obligatoriska fält är märkta *