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GBP/JPY Technical Analysis: Sinking to Channel Support

GBP/JPY Technical Analysis: Sinking to Channel Support

2014-07-08 21:51:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • GBP/JPY Technical Strategy: Flat
  • Support: 173.98, 173.60, 173.13
  • Resistance: 174.50, 175.35, 175.75

The British Pound continued to move lower against Japanese Yen as expected after the pair produced a bearish Evening Star candlestick pattern. A daily close below support at 173.98, the 23.6% Fibonacci retracement, initially targets the bottom of a rising channel set from late May at 173.60. Alternatively, a reversal above the 14.6% level at 174.50 clears the way for a test of the July 3 high at 175.35.

Prices are too close to support to justify entering short from a risk/reward perspective. On the other hand, the absence of a defined bullish reversal signal argues against taking up the long side. We will remain flat for now.

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GBP/JPY Technical Analysis: Sinking to Channel Support

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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