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GBP/JPY Technical Analysis – Waiting for Triangle Breakout

GBP/JPY Technical Analysis – Waiting for Triangle Breakout

2014-05-06 20:28:00
Ilya Spivak, Sr. Currency Strategist
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Talking Points:

  • GBP/JPY Technical Strategy: Flat
  • Support: 172.13 (50% Fib exp.), 171.49 (38.2% Fib exp., Triangle floor)
  • Resistance:172.76 (61.8% Fib exp., Triangle top), 173.55 (76.4% Fib exp.)

The British Pound remains in consolidation mode against the the Japanese Yen, with price action becoming increasingly narrow within the bounds of a large Triangle chart formation. Initial support is at 172.13, the 50% Fibonacci expansion. A daily close below this boundary exposes the intersection of the 38.2% level and the Triangle bottom at 171.49. Alternatively, a break above 172.76 – marked by the 61.8% Fib and the Triangle top – targets the 76.4% expansion at 173.55.

While a Triangle pattern implies uptrend continuation in this scenario, the pattern must be confirmed on a daily close above its upper boundary to be actionable. With that in mind, we will hold off on taking a trade for the time being and remain on the sidelines.

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GBP/JPY Technical Analysis – Waiting for Triangle Breakout

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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