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GBP/JPY Technical Analysis: Buyers Reclaim 174.00 Figure

GBP/JPY Technical Analysis: Buyers Reclaim 174.00 Figure

2014-07-15 21:47:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • GBP/JPY Technical Strategy: Flat
  • Support: 173.53, 173.13, 172.44
  • Resistance: 174.32, 175.17, 175.86

The British Pound declined as expected against Japanese Yen after prices put in a bearish Evening Star candlestick pattern. Prices bounced from support at a rising trend line set from late May to challenge resistance at 174.32, the 23.6% Fibonacci expansion. A break above this barrier on a daily closing basis exposes the 38.2% level at 175.17. Alternatively, a reversal below trend line support – now at 173.53 – targets the 38.2% Fib retracement at 173.13.

Risk/reward considerations argue against entering long with prices sitting squarely at resistance. On the other hand, the absence of a defined bearish reversal signal suggests taking up the short side is premature. We will remain flat for now.

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GBP/JPY Technical Analysis: Buyers Reclaim 174.00 Figure

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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