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GBP/JPY Technical Analysis: Consolidating Near 173.00 Mark

GBP/JPY Technical Analysis: Consolidating Near 173.00 Mark

2014-08-05 22:24:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • GBP/JPY Technical Strategy: Flat
  • Support: 172.44, 171.75, 170.90
  • Resistance: 173.22, 173.74, 174.59

The British Pound is edging downward against the Japanese Yen as expected after prices put in a bearish Evening Star candlestick pattern. Near-term support is 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 reversal above the 173.13-22 area marked by the 38.2% retracement and the 14.6% Fib expansion, opens the door for a challenge of the 23.6% threshold at 173.74.

Risk/reward considerations argue against entering long with prices trading in close proximity to 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: Consolidating Near 173.00 Mark

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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