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GBP/JPY Technical Analysis: Critical Trend Line Broken

GBP/JPY Technical Analysis: Critical Trend Line Broken

2014-07-17 22:47:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • GBP/JPY Technical Strategy: Flat
  • Support: 172.44, 171.75, 170.90
  • Resistance: 173.13, 173.98, 174.50

The British Pound declined as expected against Japanese Yen after prices put in a bearish Evening Star candlestick pattern. Sellers are now aiming to test support at 172.44, the 50% Fibonacci retracement, with a break below that on a daily closing basis exposing the 61.8% level at 171.75. Alternatively, a turn back above the 38.2% Fib at 173.13 opens the door for a challenge of the 173.76-98 area, marked by a rising trend line set from late May and the 23.6% retracement.

The available trading range is too narrow to justify a trade on the long or short side. We will continue to stand aside for now, waiting for an actionable trade setup to emerge.

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

GBP/JPY Technical Analysis: Critical Trend Line Broken

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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