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

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

2014-07-01 23:50:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • GBP/JPY Technical Strategy: Flat
  • Support: 173.43, 172.36-58, 171.28
  • Resistance: 174.10, 174.81, 175.17

The British Pound continued to push higher as expected against the Japanese Yen after showing a Bullish Engulfing candlestick pattern. Buyers are now testing resistance at 174.10, with a break above that on a daily closing basis exposing the 174.64-81 area marked by the 50% level and a rising channel top. Alternatively, a reversal back below the 23.6% Fib at 173.43 opens the door for a test of the channel bottom at 172.58.

Risk/reward considerations argue against entering long with prices sitting squarely at relevant resistance. On the other hand, while negative RSI divergence warns of ebbing bullish momentum, the absence of a defined bearish reversal signal hints entering short is premature. We will remain flat.

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GBP/JPY Technical Analysis – Pound Soars to 6-Month 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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