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GBP/JPY Strategy: Ready to Test Below 142.00 Figure?

GBP/JPY Strategy: Ready to Test Below 142.00 Figure?

Ilya Spivak,

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Talking Points:

  • GBP/JPY Strategy: Short at 144.89
  • British Pound sinks to one-month low versus the. Japanese Yen
  • Support break threatens to clear path for a move below 142.00

The British Pond has dropped to the lowest level in a month against the Japanese Yen. Confirmation of a break below chart support may clear a path below the 142.00 figure. Prices accelerated downward as UK political uncertainty deepened just two weeks before a general election.

From here, confirmation of a break below the 38.2% Fibonacci retracement at 143.34 on a daily closing basis opens the door for a test of the 50% level at 141.86. Critical resistance remains at 145.16, the intersection of a calling trend line and the 23.6% Fib. Beyond that looms a double top at 148.46.

A short GBP/JPY position activated at 144.89 has now hit its initial target and profit has been booked on half of open exposure. The rest remains in play, looking to capture follow-on weakness. The stop-loss has been trailed to the breakeven level.

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