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GBP/JPY Technical Analysis – Pound Renews Upward Push

GBP/JPY Technical Analysis – Pound Renews Upward Push

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • GBP/JPY Technical Strategy: Flat
  • Support: 173.24, 172.80, 172.45
  • Resistance: 173.95, 174.66, 175.10

The British Pound renewed its push higher against the Japanese Yen, issuing the strongest close since January. Near-term resistance is at 173.95, the 100% Fibonacci expansion, with a break above that on a daily closing basis exposing the 123.6% level at 174.66. Support comes in at 173.24, the 76.4% Fib. A reversal back beneath that opens the door for a test of the 61.8% expansion at 172.80

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 Renews Upward Push

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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