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GBP/JPY Technical Analysis – Pound Soars to 6-Week High

GBP/JPY Technical Analysis – Pound Soars to 6-Week High

2014-06-15 23:05:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • GBP/JPY Technical Strategy: Flat
  • Support: 172.80 (61.8% Fib exp.), 172.45 (50% Fib exp.)
  • Resistance: 173.24 (76.4% Fib exp.), 173.95 (100% Fib exp.)

The British Pound continues to push higher against the Japanese Yen, rising to the highest level in six weeks. Near-term resistance is at 173.24, the 76.4% Fibonacci expansion, with a break above that on a daily closing basis exposing the 100% level at 173.95. Support comes in at 172.80, the 61.8% Fib. A reversal back beneath that opens the door for a test of the 50% expansion at 172.45.

Prices are trading too close to resistance to justify a short position from a risk/reward perspective. On the other hand, the absence of a confirmed bearish reversal signal warns against taking up the short side. We will stand aside for now.

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GBP/JPY Technical Analysis – Pound Soars to 6-Week High

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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