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Forex: GBP/JPY Technical Analysis – Pound Attempting a Recovery

Forex: GBP/JPY Technical Analysis – Pound Attempting a Recovery

2014-03-27 21:01:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • GBP/JPY Technical Strategy: Flat
  • Support: 168.83 (trend line), 167.76 (Mar 18 low)
  • Resistance: 170.05 (23.6% Fib exp.), 171.46 (38.2% Fib exp.)

The British Pound is attempting to launch a recovery against the Japanese Yen, with prices bouncing from support at a trend line set from August 2013. Near-term resistance is at 170.05, the 23.6% Fibonacci expansion, with a break above that targeting the 38.2% level at 171.46. Alternatively, a turn below the trend line (now at 168.83) exposes the March 18 low at 167.76.

Risk/reward considerations argue against entering long with prices so close to resistance. On the other hand, taking up the short side looks premature absent a defined reversal signal. We will continue to stand aside until a more actionable setup emerges.

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dailyclassics_gbp-jpy_body_Picture_11.png, Forex: GBP/JPY Technical Analysis – Pound Attempting a Recovery

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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