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GBP/JPY Technical Analysis – Pound Drops to 2-Week Low

GBP/JPY Technical Analysis – Pound Drops to 2-Week Low

2014-06-29 23:57:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • GBP/JPY Technical Strategy: Flat
  • Support: 172.34, 171.80, 171.27
  • Resistance: 172.79, 173.00, 173.41

The British Pound declined against the Japanese Yen as expected after prices produced a Shooting Star candlestick below the 174.00 figure. Sellers now aim to challenge support at 172.34, the 38.2% Fibonacci retracement. A break below that on a daily closing basis exposes the 50% level at 171.80. Near-term resistance is in the 172.79-173.00 area, marked by a formerly broken triple top and the 23.6% Fib. A reversal back above that targets the 14.6% retracement at 173.41.

The available trading range is too narrow to justify taking a trade on the long or short side from a risk/reward perspective. We will continue to stand aside, waiting for a more attractive opportunity to present itself.

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

GBP/JPY Technical Analysis – Pound Drops to 2-Week Low

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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