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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: 170.79, 170.24, 169.69-79
  • Resistance: 171.47, 171.89, 172.57

The British Pound moved lower against the Japanese Yen as expected after producing a bearish Evening Star candlestick pattern. Near-term support is at 170.79, the 38.2% Fibonacci expansion, with a break below that on a daily closing basis exposing the 50% level at 170.24. Alternatively, a reversal above the 23.6% Fib at 171.47 clears the way for a challenge of the 14.6% expansion at 171.89.

Prices are too close support to justify entering short from a risk/reward perspective. On the other hand, the absence of a defined bullish reversal signal suggests taking up the long side is premature. With that in mind 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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