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Forex: GBP/JPY Technical Analysis – Sideways Trade Continues

Forex: GBP/JPY Technical Analysis – Sideways Trade Continues

Ilya Spivak, Head Strategist, APAC

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Talking Points:

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

The British Pound continues to tread water having fallen as expected against the Japanese Yen, with prices oscillating above the 50% Fibonacci expansion at 168.08. A break downward on daily closing basis initially aims for the 61.8% level at 166.79. Alternatively, a turn above resistance at 169.37 – the 38.2% Fib – exposes 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.

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dailyclassics_gbp-jpy_body_Picture_11.png, Forex: GBP/JPY Technical Analysis – Sideways Trade Continues

Daily Chart - Created Using FXCM Marketscope 2.0

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

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

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