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GBPJPY Technical Analysis

This is a discussion on GBPJPY Technical Analysis within the Forex Trading forums, part of the Trading Forum category; Forex: GBP/JPY Technical Analys Talking Points: GBP/JPY Technical Strategy: Flat Support: 168.08-47 (50% Fib exp., trend line), 166.79 (61.8% Fib ...

          
   
  1. #1
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    GBPJPY Technical Analysis

    Forex: GBP/JPY Technical Analys

    Talking Points:

    • GBP/JPY Technical Strategy: Flat
    • Support: 168.08-47 (50% Fib exp., trend line), 166.79 (61.8% Fib exp.)
    • Resistance: 169.37 (38.2% Fib exp.), 170.97 (23.6% Fib exp.)


    The British Pound is stalling at rising trend line support set from August 2013 (168.47) after falling as expected against the Japanese Yen. The downside barrier is bolstered by the 50% Fibonacci expansion at 168.08. A break below this boundary exposes the 61.8% level at 166.79. Alternatively, a turn above resistance at 169.37 the 38.2% Fib targets the 23.6% expansion at 170.97.

    Prices are too close to relevant near-term up- and downside technical barriers to make a trade at current levels attractive from a risk/reward perspective. We will continue to stand aside for now, waiting for a more attractive setup to present itself.




    --- Written by Ilya Spivak, Currency Strategist for DailyFX.com


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    GBP/JPY Technical Analysis

    Talking Points:

    • GBP/JPY Technical Strategy: Flat
    • Support: 171.91 (23.6% Fib exp.), 171.37 (38.2% Fib exp.)
    • Resistance:172.66 (triangle top)


    The British Pound may be readying to turn lower against the Japanese Yen after prices put in a Bearish Engulfing candlestick pattern below resistance at the top of a Triangle setup carved out since the beginning of the year. Near-term support is at 171.91, the 23.6% Fibonacci expansion, with a break below that aiming for the 38.2% level at 171.37. Triangle resistance is now at 172.66.
    Risk/reward considerations argue against taking a short position with prices trading in close proximity to relevant support. We will remain flat for the time being, waiting for a more attractive setup to present itself.




    --- Written by Ilya Spivak, Currency Strategist for DailyFX.com


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    GBP/JPY Technical Analysis

    Talking Points:

    • GBP/JPY Technical Strategy: Flat
    • Support: 172.13 (50% Fib exp.), 171.49-64 (38.2% Fib exp., Triangle floor)
    • Resistance:172.76 (61.8% Fib exp., Triangle top), 173.55 (76.4% Fib exp.)


    The British Pound continues to look for clear-cut direction cues against the Japanese Yen, with prices consolidating in a large Triangle chart formation. Near-term support is at 172.13, the 50% Fibonacci expansion, with a break below that targeting the intersection of the 38.2% level and the Triangle bottom in the 171.49-64 area. Alternatively, a daily close above the 172.76 – marked by the 61.8% Fib and the Triangle top – initially exposes the 76.4% expansion at 173.55.

    On balance, a Triangle pattern typically implies trend continuation, which carries bullish implications in this case. Confirmation is absent without a clear-cut break above the formation’s upper boundary however. With that in mind, we will continue to stand aside for now.




    --- Written by Ilya Spivak, Currency Strategist for DailyFX.com



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    GBP/JPY Technical Analysis

    Talking Points:

    • GBP/JPY Technical Strategy: Short at 172.26
    • Support: 169.86 (38.2% Fib ret.), 168.71 (50% Fib ret.)
    • Resistance:171.27 (23.6% Fib ret.), 172.82 (triple top)

    The British Pound rebounded against the Japanese Yen after turning downward as expected but gains appear to be corrective. Resistance is marked by a trend line cluster in the 171.91-172.07 area, with a break above that on a daily closing basis exposing a triple top at 172.82.Near-term support is at 169.86, the 38.2%Fibonacci retracement. A push below that opens the door for a challenge of the 50% Fib at 168.71.

    We sold GBPJPY at 172.26 and took profit on half of the positionat 171.27. The series of lower highs and lower lows – the definition of a down trend – initiated from the May 2 peak remains in place. As such, we will keep the remainder of the trade in play with a stop-loss set to the breakeven level (172.26).



    --- Written by Ilya Spivak, Currency Strategist for DailyFX.com


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    GBP/JPY Technical Analysis

    Talking Points:

    • GBP/JPY Technical Strategy: Flat
    • Support: 171.95 (61.8% Fib ret.), 171.49 (50% Fib ret.)
    • Resistance: 172.28 (trend line), 172.52 (76.4% Fib ret.), 17.45 (May 2 high)


    The British Pound may be exhausting its advance against the Japanese Yen as prices test trend line resistance dating back to early March (172.28). A break above this barrier on a daily closing basis exposes the 76.4% Fibonacci expansion at 172.52, followed by the May 2 high at 173.45. Near-term support is at 171.95, the 61.8% Fib, with a move below that initially targeting the 50% level at 171.49.

    The available trading range is too narrow to justify a trade on the long or the short side from a risk/reward perspective. We will remain on the sidelines and wait for a more attractive opportunity to present itself.




    --- Written by Ilya Spivak, Currency Strategist for DailyFX.com


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    GBP/JPY Technical Analysis

    Talking Points:

    • GBP/JPY Technical Strategy: Flat
    • Support: 172.00 (61.8% Fib exp.), 171.53 (50% Fib exp.)
    • Resistance: 172.21 (trend line), 172.59 (76.4% Fib exp.)


    The British Pound managed to claw its way back above the 172.00 level against the Japanese Yen on the back of supportive rhetoric from BOE Governor Carney. Prices are testing resistance at 172.21 marked by a falling trend line set from January. A daily close above this barrier initially exposes the 76.4% Fibonacci expansion at 172.59. Alternatively, a reversal back below the 61.8% Fib at 172.00 clears the way for a test of the 50% expansion at 171.53.
    Risk/reward considerations argue against entering long with prices sitting squarely at resistance. On the other hand, taking up the short side is premature absent a defined bearish reversal signal. We will remain flat for now.



    --- Written by Ilya Spivak, Currency Strategist for DailyFX.com


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    GBP/JPY Technical Analysis: Stalling at Trend Line Support

    Talking Points:

    • GBP/JPY Technical Strategy: Flat
    • Support: 173.53, 173.13, 172.44
    • Resistance: 173.98, 174.50, 175.35

    The British Pound moved lower against the Japanese Yen as expected after producing a bearish Evening Star candlestick pattern. Prices are testing support at a rising trend line set from late May (173.53), with a daily close below that exposing the 38.2% Fibonacci retracement at 173.13. Alternatively, a reversal above the 23.6% Fib at 173.98 opens the door for a move to the 14.6% retracement at 174.50.

    Prices are too close to support to justify entering short from a risk/reward perspective. On the other hand, the absence of a defined bullish reversal signal argues against taking up the long side. We will remain flat for now.



    --- Written by Ilya Spivak, Currency Strategist for DailyFX.com


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    GBP/JPY Technical Analysis: Opting Against Entering Short

    Talking Points:

    • GBP/JPY Technical Strategy: Flat
    • Support: 170.66, 169.55, 167.76
    • Resistance: 171.56, 172.08, 172.45

    The British Pound declined as expected against the Japanese Yen after putting in a bearish Evening Star candlestick pattern. Near-term support is at 170.66, the 61.8% Fibonacci retracement, with a break below that on a daily closing exposing the 76.4% level at 169.55. Alternatively, a reversal above the 50% Fib at 171.56 targets rising trend line support-turned-resistance at 172.08.

    We will tactically opt to stand aside for now. While entering a short trade seems compelling, the weekly chart shows prices testing support in play since November 2013. Furthermore, our fundamental outlook leaves room for a GBP recovery this week. On balance, we will stand aside.




    --- Written by Ilya Spivak, Currency Strategist for DailyFX.com



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    GBP/JPY Technical Analysis: Flirting with Upside Breakout

    Talking Points:

    • GBP/JPY Technical Strategy: Flat
    • Support: 171.79, 171.26, 170.61
    • Resistance: 172.64-83, 173.33, 174.01

    The British Pound is attempting to overturn the down trend initiated against the Japanese Yen in early July above the 175.00 figure. Near-term resistance is in the 172.64-83 area, marked by the 38.2% Fibonacci expansion and a falling trend line. A break above that on a daily closing basis exposes the 50% level at 173.33. Alternatively, a turn below the 23.6% Fib at 171.79 opens the door for a test of the 14.6% expansion at 171.26.

    Risk/reward considerations argue against entering long with prices in close proximity to resistance. On the other hand, the absence of a defined bearish reversal signal suggests taking up the short side is premature. We will remain flat for now.



    --- Written by Ilya Spivak, Currency Strategist for DailyFX.com



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    GBP/JPY Technical Analysis: Pound Tags One-Month High

    Talking Points:

    • GBP/JPY Technical Strategy: Flat
    • Support: 172.64, 171.79, 171.26
    • Resistance: 173.33, 174.01, 174.87

    The British Pound launched upward against the Japanese Yen as expected, with prices touching the highest level in over a month. Near-term resistance is at 173.33, the 50% Fibonacci expansion, with a break above that on a daily closing basis exposing the 61.8% level at 174.01. Alternatively, a turn below the intersection of the 38.2% Fib and trend line resistance-turned-support at 172.64 opens the door for a test of the 23.6% expansion at 171.79.

    Risk/reward considerations argue against entering long with prices in close proximity to resistance. On the other hand, the absence of a defined bearish reversal signal suggests taking up the short side is premature. We will remain flat for now.



    --- Written by Ilya Spivak, Currency Strategist for DailyFX.com



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