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GBP/JPY Technical Analysis: Support Found Below 171.00

GBP/JPY Technical Analysis: Support Found Below 171.00

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • GBP/JPY Technical Strategy: Flat
  • Support: 170.66, 169.55, 167.76
  • Resistance: 171.56, 172.10, 172.45

The British Pound moved lower against the Japanese Yen as expected after producing a bearish Evening Star candlestick pattern. A daily close below the 61.8% Fibonacci retracement at 170.66 exposes the 76.4% level at 169.55. Alternatively, a turn above the 50% Fib at 171.56 opens the door for a test of rising trend line support-turned-resistance at 172.10.

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: Support Found Below 171.00

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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