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Forex: GBP/JPY Technical Analysis – Flag Pattern Taking Shape?

Forex: GBP/JPY Technical Analysis – Flag Pattern Taking Shape?

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • GBP/JPY Technical Strategy: Flat
  • Support: 167.48 (Flag bottom), 164.23 (38.2% Fib ret.)
  • Resistance: 168.28 (23.6% Fib ret.), 170.78 (14.6% Fib ret.)

The British Pound continues to drift lower against the Yen, with prices tracing out what could ultimately prove to be a Flag chart pattern. If confirmed on a daily close above the setup’s upper boundary (currently at 173.11), the setup would argue for bullish continuation.

Entering long seems premature at the moment absent a clear-cut reversal signal however, particularly given last week’s push through near-term support at 168.28 (23.6% Fibonacci retracement). We will stand aside for now as sellers test the Flag’s lower boundary, waiting for a more concrete directional cues to emerge before considering a position.

Confirm your chart-based trade setups with the Technical Analyzer.

dailyclassics_gbp-jpy_body_Picture_12.png, Forex: GBP/JPY Technical Analysis – Flag Pattern Taking Shape?

Daily Chart - Created Using FXCM Marketscope 2.0

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

Contact and follow Ilya on Twitter: @IlyaSpivak

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