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GBP/JPY Technical Analysis – 3-Month Support Line Broken

GBP/JPY Technical Analysis – 3-Month Support Line Broken

2014-05-11 21:32:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • GBP/JPY Technical Strategy: Flat
  • Support: 171.27 (23.6% Fib ret.), 169.86 (38.2% Fib ret.)
  • Resistance:172.15 (14.6% Fib ret., trend line), 172.82

The British Pound appears vulnerable to deeper losses against the Japanese Yen after prices broke support at a rising trend line set from early February. Sellers are now testing the 23.6% Fibonacci retracement at 171.27, with a break below that exposing the 38.2% level at 169.86. Alternatively, a reversal back above 172.15 – the intersection of the trend line and the 14.6% Fib – targets horizontal resistance at 172.82.

Prices are too close to relevant support to justify a short position at current levels from a risk/reward perspective. We will stand aside for now, looking for a break downward or a corrective bounce to yield a selling opportunity.

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GBP/JPY Technical Analysis – 3-Month Support Line Broken

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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