GBP/JPY Technical Analysis – Bulls Fail to Force Breakout
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- 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 consolidate in familiar territory below the 174.00 figure against the Japanese Yen. Resistance is now at 173.24, the 76.4% Fibonacci expansion. A daily close above this barrier initially exposes the 100% level at 173.95. Near-term support lines up at 172.80, the 61.8% Fib, with a turn back below that clearing the way for a challenge of the 50% expansion at 172.45.
The available trading range is too narrow to justify a trade on the long or short side from a risk/reward perspective at this point. We will continue to stand aside, waiting for an actionable opportunity to present itself.
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.