Forex: GBP/JPY Technical Analysis – Aiming Above 170.00 Figure
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- GBP/JPY Technical Strategy: Flat
- Support: 169.35 (50% Fib ret.), 168.05 (38.2% Fib ret.)
- Resistance: 170.64 (61.8% Fib ret.), 172.24 (76.4% Fib ret.)
The British Pound continues to push higher against the Japanese Yen, with prices poised to extend the rally after breaking the 50% Fibonacci retracement at 169.35. Buyers now aim to challenge the 61.8% level at 170.64, with a break above that aiming for the 76.4% Fib at 172.24. Alternatively, a reversal back below 169.35 targets the 38.2% retracement at 168.05.
The pair is trading too close to near-term resistance to make a long position viable from a risk/reward perspective. On the other hand, the short side lacks an actionable reversal signal. We will continue to stand aside for now.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com