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GBP/JPY Technical Analysis – Setting a Top Below 174.00?

GBP/JPY Technical Analysis – Setting a Top Below 174.00?

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 put in a Shooting Star candlestick, hinting prices may be carving out a top against the Japanese Yen. The first layer of support is at 173.24, the 76.4% Fibonacci expansion. A daily close below that initially targets the 61.8% level at 172.80. Alternatively, a turn above resistance at 173.95, the 100% Fib, clears the way for a test of the 123.6% level at 174.66.

A Shooting Star candlestick is indicative of indecision and further confirmation is needed to make for an actionable short trade signal. With that in mind, we will stand aside for now until an actionable opportunity emerges.

Add these technical levels directly to your charts with our Support/Resistance Wizard app!

GBP/JPY Technical Analysis – Setting a Top Below 174.00?

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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